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Vedanta

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business3 years ago•4 min saved

Foxconn's $19.5 Billion Vedanta Chip Plan Abandoned, Dealing a Blow to India

Foxconn has pulled out of a $19.5 billion semiconductor joint venture with Vedanta, dealing a blow to Prime Minister Narendra Modi's plans to make India a chipmaking hub. The decision by the world's largest contract electronics maker is seen as a setback to Modi's ambitions of attracting foreign investors to manufacture chips locally. Concerns about incentive approval delays by the Indian government and questions about cost estimates contributed to Foxconn's withdrawal. Vedanta, however, remains committed to its semiconductor project and has lined up other partners to set up India's first foundry.

via Reuters|

#business #foxconn #india

business3 years ago•0 min saved

Foxconn Withdraws $19.5 Billion Chip Venture with Vedanta, Dealing Blow to India

Foxconn, the Taiwanese electronics manufacturer, has decided to abandon its chip venture in India with Vedanta due to challenges in securing land and other regulatory approvals, according to sources. This move comes as a setback for India's efforts to attract global tech giants and boost local chip manufacturing.

via The Wall Street Journal|

#abandonment #business #chip-venture

business3 years ago•1 min saved

Foxconn's Withdrawal Deals Blow to India's Semiconductor Industry

Foxconn has withdrawn from its $19.5 billion joint venture with Vedanta to manufacture semiconductors in India, dealing a blow to Prime Minister Narendra Modi's chipmaking plans. The timeline of events shows that the joint venture had been facing challenges, including difficulties in securing a technology partner and disagreements over the involvement of STMicroelectronics. Foxconn did not provide a specific reason for its withdrawal, but stated that it had worked on the project for over a year before mutually deciding to end the joint venture.

via Reuters|

#business #foxconn #india

technology3 years ago•2 min saved

Foxconn's $19.5 billion chipmaking JV with Vedanta falls through, impacting India's semiconductor plans

Foxconn, the world's largest contract electronics maker, has withdrawn from a $19.5 billion semiconductor joint venture with Indian conglomerate Vedanta, dealing a blow to Prime Minister Narendra Modi's chipmaking plans for India. The move represents a setback to Modi's ambitions of luring foreign investors to make chips locally for the first time, as chipmaking is a top priority for India's economic strategy. Foxconn and Vedanta had signed a pact last year to set up semiconductor and display production plants in Gujarat, but the joint venture has now been terminated.

via Yahoo Finance|

#chipmaking #foxconn #india

business3 years ago•4 min saved

India's chipmaking incentive scheme faces setbacks and reapplications.

Plans for a $3bn semiconductor facility in India by chip consortium ISMC, which counted Israeli chipmaker Tower as a tech partner, have been stalled due to the company's ongoing takeover by Intel, dashing India's chip making plans. A second mega $19.5bn plan to build chips locally by a joint venture between India's Vedanta and Taiwan's Foxconn is also proceeding slowly as their talks to rope in European chipmaker STMicroelectronics as a partner are deadlocked. The challenges faced by the companies deal a major setback to Prime Minister Narendra Modi, who has made chipmaking a top priority as he wants to "usher in a new era in electronics manufacturing" by luring global companies.

via Reuters India|

#business #chipmaking #foxconn