Vedanta has lined up partners for semiconductor venture: Chairman Anil Agarwal

Foxconn withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate earlier this week.

Hon Hai Technology, known internationally as Foxconn, and Vedanta Limited announced their joint venture to manufacture chips and display panels in India in February 2022. On Monday, Foxconn announced it had mutually agreed to part ways with Vedanta Limited.

“This is not a negative. There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project,” Taiwan-based Foxconn said in a statement Tuesday.

Vedanta said it has lined up other partners to set up India’s first semiconductor foundry to create the chips that are used in mobile phones, refrigerators and cars.

(With agency inputs)

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