{"id":6411,"date":"2023-07-10T20:35:55","date_gmt":"2023-07-10T15:05:55","guid":{"rendered":"https:\/\/bscrackers.com\/?p=6411"},"modified":"2023-07-10T20:35:55","modified_gmt":"2023-07-10T15:05:55","slug":"foxconn-dropping-out-of-19-5-billion-joint-venture-with-vedanta-wont-impact-india-ashwini-vaishnaw","status":"publish","type":"post","link":"https:\/\/bscrackers.com\/?p=6411","title":{"rendered":"Foxconn Dropping Out of $19.5 Billion Joint-venture With Vedanta Won’t Impact India: Ashwini Vaishnaw"},"content":{"rendered":"

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Last Updated: July 10, 2023, 20:40 IST<\/span><\/p>\n<\/div>\n<\/div>\n

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Union Minister for Railways, Communications, Electronics and IT Ashwini Vaishnaw. (Twitter File)<\/p>\n<\/div>\n

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Speaking exclusively to Network 18, Vaishnaw assured that \u201cboth the companies are completely committed to India\u2019s semiconductor mission and Make In India push.\u201d<\/h2>\n<\/div>\n<\/div>\n
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Foxconn\u2019s withdrawal from its\u00a0$19.5 billion semi conductor joint-venture with Vedanta will have no impact on India, Union Minister Ashwini Vaishnaw said.<\/p>\n

Speaking exclusively to Network 18<\/em>, Vaishnaw assured that \u201cboth the companies are completely committed to India\u2019s semiconductor mission and Make In India push.\u201d<\/p>\n

This comes as Taiwan\u2019s Foxconn announced its withdrawal from a $19.5 billion joint venture with Indian metals-to-oil conglomerate Vedanta, in a major setback to the government\u2019s chipmaking ambitions.<\/p>\n

This comes after Opposition leaders continue to take a dig at the\u00a0BJP-led government at centre over the issue.<\/p>\n

Shiv Sena leader Aditya Thackeray in a tweet said, \u201cthis project, as we\u2019ve said many times earlier, was completely feasible in Maharashtra. The Govt of Maharashtra must also clarify why, even after illegal cm announcing in the assembly, and dcm meeting them, this project shifted from a highly feasible location- Pune district to Gujarat suddenly.”<\/p>\n

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This project, as we\u2019ve said many times earlier, was completely feasible in Maharashtra.The Govt of Maharashtra must also clarify why, even after illegal cm announcing in the assembly, and dcm meeting them, this project shifted from a highly feasible location- Pune district to\u2026 https:\/\/t.co\/ScJ498gONk<\/a><\/p>\n

\u2014 Aaditya Thackeray (@AUThackeray) July 10, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

\u201cThis is a loss for India, and Maharashtra could have propelled this growth story for India,\u201d Thackeray added.<\/p>\n

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Apart from him, Rajya Sabha MP Priyanka Chaturvedi also commented on the issue saying, \u201ctaking it away from Maharashtra to Gujarat – which by experts wasn\u2019t conducive for semiconductor industry, inability to raise funds as expected has led to the collapse of an idea before it even began. Such a tragedy.\u201d<\/p>\n

Joining the chorus, Congress leader\u00a0Jairam Ramesh has also hit out at the Modi government and said \u201cRemember the publicity at the time of announcing the project? Gujarat CM even claimed 1 lakh jobs will be created!<\/p>\n

\u201cThis has been the fate of many MOUs signed in Vibrant Gujarat summits year after year, and will be the fate in other such copycat summits like Global Investor Summits in UP. Whether Gujarat Model or \u2018New India\u2019 never trust the manufactured headlines,\u201d he added.<\/p>\n

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This comes Taiwan-based Hon Hai Technology Group, Foxconn, put out an official statement in which it said, \u201cin order to explore more diverse development opportunities, according to mutual agreement, Foxconn has determined it will not move forward on the joint venture with Vedanta,\u201d.<\/p>\n

\u201cWe will continue to grow our Semiconductor team, and we have the license for production-grade technology for 40nm [chips] from a prominent Integrated Device Manufacturer (IDM). India remains pivotal in repositioning global semiconductor supply chains,\u201d Vedanta added.<\/p>\n<\/p><\/div>\n<\/div>\n