Foxconn Exits Semiconductor Joint Venture with Vedanta

Foxconn, a Taiwanese electronics giant, has exited a $19.5 billion semiconductor joint venture with Indian mining conglomerate Vedanta due to external issues unrelated to the project. The joint venture aimed to manufacture chips and display panels in India. Vedanta has expressed confidence in establishing India's first semiconductor foundry. The Indian government remains confident in its semiconductor mission, and Foxconn's decision is not expected to impact its goals for semiconductor fabrication. Foxconn plans to apply for incentives under India's semiconductor manufacturing plan and is in talks with several partners. Vedanta's shares fell over 2% after Foxconn's withdrawal, dealing a blow to Prime Minister Modi's chipmaking plans. Foxconn's decision to withdraw from the joint venture is seen as a setback to India's technology industry ambitions, but India's Minister of State for Electronics and Information Technology stated that Foxconn's decision will have no impact on India's semiconductor fab goals.