Foxconn pulled out of nearly $20-billion semiconductor joint venture with Indian company

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Foxconn, the world’s biggest contract electronics manufacturer, said that it “has determined it will not move forward on the joint venture with Vedanta” and it was working to “remove the Foxconn name” from the joint venture.

In September 2022, Foxconn signed a deal with Indian mining firm Vedanta to invest $19.4 billion in the Indian state of Gujarat, also the home state of Indian Prime Minister Narendra Modi, to build one of India’s first semiconductor manufacturing facilities.

In May, it’s reported that India’s deputy IT minister said the JV was “struggling” to tie up with a technology partner. At the end of May, it’s said that even though the joint venture had agreed to choose STMicroelectronics for licensing technology, the Indian government stepped in and made clear it wanted the European firm to have “more skin in the game.” On June 30, 2023, India’s market regulator punished Vedanta for releasing a press release that suggested it had partnered with Foxconn to make semiconductors in India.