Foxconn pulls from R360bn deal in India to make semiconductors | Business

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Taiwanese electronics giant Foxconn withdrew from a $19.4 billion (R362 billion) deal with India's Vedanta to make semiconductors in the South Asian nation owing to 'challenging gaps', it announced Tuesday. | News24_Business

Taiwanese electronics giant Foxconn withdrew from a $19.4 billion deal with India's Vedanta to make semiconductors in the South Asian nation owing to"challenging gaps", it announced Tuesday.

The plan was to boost New Delhi's self-reliance in the technology supply chain, given that semiconductors are an essential component of nearly all modern electronics - powering everything from coffee machines to electric cars.

While Vedanta did not confirm the pull-out, it reiterated that it is"fully committed to its semiconductor fab project", adding that there are other partners in line to set up India's first foundry.

 

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