{"id":6639,"date":"2023-07-11T18:28:17","date_gmt":"2023-07-11T12:58:17","guid":{"rendered":"https:\/\/bscrackers.com\/?p=6639"},"modified":"2023-07-11T18:28:17","modified_gmt":"2023-07-11T12:58:17","slug":"foxconns-worries-over-vedantas-financials-said-to-be-reason-behind-withdrawal-from-jv","status":"publish","type":"post","link":"https:\/\/bscrackers.com\/?p=6639","title":{"rendered":"Foxconn&#8217;s Worries Over Vedanta&#8217;s Financials Said to Be Reason Behind Withdrawal From JV"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/i.gadgets360cdn.com\/large\/foxconn_india_reuters_1689080244166.jpg\" \/><\/p>\n<div>\n<p>The Indian government and <a href=\"https:\/\/www.gadgets360.com\/tags\/foxconn\" target=\"_blank\" rel=\"noopener\">Foxconn<\/a> had concerns over the financial situation of <a href=\"https:\/\/www.gadgets360.com\/tags\/vedanta\" target=\"_blank\" rel=\"noopener\">Vedanta<\/a>, which led to the Taiwanese company parting ways with Vedanta on a chipmaking joint venture, sources familiar with the information told Reuters.<\/p>\n<p>Indian conglomerate Vedanta&#8217;s London-based parent, Vedanta Resources, has been plagued by a rising debt pile.<\/p>\n<p>In a statement to Reuters, Vedanta said its Indian unit, Vedanta, is in &#8220;a comfortable financial position&#8221; and there was &#8220;no basis&#8221; to such speculation.<\/p>\n<p>India&#8217;s IT ministry did not respond to requests for comment on Tuesday.<\/p>\n<p>Some rating agencies downgraded Vedanta Resources this year amid concerns about the risks of a debt default.<\/p>\n<p>There have been no defaults on debts from the group, Vedanta Chairman Anil Agarwal has said.<\/p>\n<p>Meanwhile,\u00a0Foxconn <a href=\"https:\/\/www.gadgets360.com\/mobiles\/news\/foxconn-apple-india-semiconductor-supplier-incentives-vedanta-joint-venture-4196339\" target=\"_blank\" rel=\"noopener\">said<\/a> on Tuesday it plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta on a $19.5 billion (roughly Rs. 1,60,600 crore) chipmaking joint venture.<\/p>\n<p>&#8220;Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem,&#8221; the company said.<\/p>\n<p>&#8220;Foxconn is working toward submitting an application.&#8221;<\/p>\n<p>On Monday, Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi&#8217;s chipmaking plans for India.<\/p>\n<p>Foxconn said on Tuesday &#8220;there was recognition from both sides that the project was not moving fast enough&#8221; and there were other &#8220;challenging gaps we were not able to smoothly overcome&#8221;, without sharing details.<\/p>\n<p>&#8220;This is not a negative,&#8221; Foxconn said in a statement.<\/p>\n<p><em>\u00a9 Thomson Reuters 2023<\/em><\/p>\n<p><iframe allowtransparency=\"true\" frameborder=\"0\" height=\"500\" scrolling=\"no\" data-src=\"https:\/\/ndtv.com\/video\/embed-player\/category\/embed\/site\/classic\/id\/710083\/autostart\/0\/pWidth\/100\/pHeight\/100\" width=\"100%\"><\/iframe><\/p>\n<hr\/>\n<p><i>(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)<\/i><\/p>\n<div class=\"downloadtxt\"><i>Affiliate links may be automatically generated &#8211; see our <a href=\"https:\/\/www.gadgets360.com\/ethics\" target=\"_blank\" rel=\"noopener\">ethics statement<\/a> for details.<\/i><\/div>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.gadgets360.com\/mobiles\/news\/foxconn-vedanta-jv-apple-supplier-financial-concerns-india-4197589\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] The Indian government and Foxconn had concerns over the financial situation of Vedanta, which led to the Taiwanese company parting ways with Vedanta on a chipmaking joint venture, sources familiar with the information told Reuters. Indian conglomerate Vedanta&#8217;s London-based parent, Vedanta Resources, has been plagued by a rising debt pile. In a statement to &#8230; <a title=\"Foxconn&#8217;s Worries Over Vedanta&#8217;s Financials Said to Be Reason Behind Withdrawal From JV\" class=\"read-more\" href=\"https:\/\/bscrackers.com\/?p=6639\" aria-label=\"Read more about Foxconn&#8217;s Worries Over Vedanta&#8217;s Financials Said to Be Reason Behind Withdrawal From JV\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":["post-6639","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\/6639","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=6639"}],"version-history":[{"count":0,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/posts\/6639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=\/wp\/v2\/media\/6640"}],"wp:attachment":[{"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bscrackers.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}