apple factory, foxcon cancel investment in a joint venture to build a semiconductor factory in Gujarat, India. The chip factory project was to be the biggest.
Previously, the investment that Foxconn would provide reached US$19.5 billion or the equivalent of 296 trillion rupees (exchange rate 15,190 rupees), but this has been canceled. The project is a joint venture with a large Indian company, Vendanta Ltd.
“Foxconn has decided not to pursue the joint venture with Vedanta,” the Taiwanese company was quoted by CNBC as saying on Tuesday (11/7/2023).
Foxconn said the decision was based on mutual consent, although it remained confident about India’s semiconductor ambitions. Previously, the investment plan for the joint venture project had been filed since September 2022.
When asked to confirm, Vedanta did not respond to requests for comment.
Foxconn’s move is expected to be a blow to Indian Prime Minister Narendra Modi’s ambitions. Because the Indian government wants to become a global high-tech manufacturing power.
So far, tech companies like Apple are looking for new chip suppliers outside of China. Foxconn itself has actually built several manufacturing sites across India.
Even so, Foxconn continues to build other factories in India, including one in Telangana and Bengaluru.
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