New Delhi: Taiwan-based Hon Hai Technolgy Group (Foxconn) on Tuesday informed about its plan to apply for incentives that India is offering to set up semiconductor manufacturing plants within the nation.
This comes up after Foxconn parted ways with Vedanta. Foxconn on Monday decided to call-off its joint venture with Vedanta to manufacture semiconductors in India’s Gujarat.
The Taiwan-based electronic-based firm released a statement and said, “Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem.”
Adding further, the company said, “There was recognition from both sides that the project was not moving fast enough” with the presence of “challenging gaps we were not able to smoothly overcome,” without mentioning the details.
Incentives bothered Hon Hai Technology Group (Foxconn)
According to the sources, the reason behind Foxconn’s withdrawal had everything to do with the concerns regarding delayed incentive approval by the Indian government.
Cong spinmaster out with no guns blazing …😂
➡️Withdrawal of Foxconn from its JV with Vedanta changes nothing about Indias Semicon goals. Not a thing.
➡️It allows both companies to independently pursue their strategies for Indian Semicon n Electronics. To quote Foxconn… https://t.co/XmnHAprs8O
— Rajeev Chandrasekhar 🇮🇳(Modiyude Kutumbam) (@Rajeev_GoI) July 10, 2023
After the two companies mutually decided to call off their alliance, Minister of State (MoS) Rajeev Chandrasekhar shared a tweet and wrote: “Withdrawal of Foxconn from its JV with Vedanta changes nothing about India’s semiconductor goals. It allows both companies to independently pursue their strategies for Indian semiconductors and electronics.”
Post announcing their disassociation, Vedanta declared that it still remained determined on its semiconductor project and has already lined up other potential partners to set up India’s first foundry.
Releasing a statement the mining major said that it has maximised its efforts to fulfil PM Modi’s vision for semiconductors and affirmed that India remained pivotal in repositioning the global semiconductor supply chain.
(Written by – Mahek Nigam
Edited By – Prateek Gautam)
