Last Updated: July 10, 2023, 17:02 IST<\/span><\/p>\n<\/div>\n<\/div>\n Vedanta will be dealt a huge blow with this decision<\/p>\n<\/div>\n BENGALURU:Taiwan’s Foxconn said on Monday it has withdrawn from a $19.5 billion joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi’s chipmaking plans for India.<\/p>\n Foxconn, which did not say why it had taken the decision, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi’s home state of Gujarat.<\/p>\n “Foxconn has determined it will not move forward on the joint venture with Vedanta. Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta,” it said in a statement.<\/p>\n Modi has made chipmaking a top priority for India’s economic strategy in pursuit of a “new era” in electronics manufacturing” and Foxconn’s move represents a blow to his ambitions of luring foreign investors to make chips locally for the first time.<\/p>\n Vedanta did not immediately reply to a request for comment.<\/p>\n Reuters has previously reported that Modi’s plan was in trouble, with the Vedanta-Foxconn project proceeding slowly as their talks to involve European chipmaker STMicroelectronics as a partner were deadlocked.<\/p>\n Vedanta-Foxconn had got STMicro on board for licensing technology, but India’s government had made clear it wanted the European company to have more “skin in the game”, such as a stake in the partnership.<\/p>\n STMicro was not keen on that and the talks remained in limbo, a source had previously said.<\/p>\n (This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters<\/a>)<\/i> <\/div>\n<\/div>\n [ad_2] [ad_1] Last Updated: July 10, 2023, 17:02 IST Vedanta will be dealt a huge blow with this decision Taiwan’s Foxconn said on Monday it has withdrawn from a $19.5 billion joint venture with Indian metal-steel conglomerate Vedanta. BENGALURU:Taiwan’s Foxconn said on Monday it has withdrawn from a $19.5 billion joint venture with Indian metals-to-oil conglomerate … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":["post-6296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech"],"_links":{"self":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/6296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6296"}],"version-history":[{"count":0,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/6296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/media\/6297"}],"wp:attachment":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Vedanta](\"https:\/\/images.news18.com\/ibnlive\/uploads\/2021\/07\/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=356\" "\\"Vedanta"){kind=logo}
<\/figure>\nTaiwan’s Foxconn said on Monday it has withdrawn from a $19.5 billion joint venture with Indian metal-steel conglomerate Vedanta.<\/h2>\n<\/div>\n<\/div>\n
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