As Foxconn withdraws, Vedanta says other partners lined for chip plant

financialexpress.com:

After withdrawal of Taiwanese electronic contract manufacturer Foxconn from its chip joint venture, Vedanta on Monday asserted that it is fully committed to its semiconductor project and has lined up other partners to set up India’s first foundry.

Vedanta said that it has redoubled efforts to fulfil the Prime Minister Narendra Modi’s vision for semiconductors and affirmed that India remains pivotal in repositioning global semiconductor supply chains.

“Vedanta reiterates that it is fully committed to its semiconductor fab project and we have lined up other partners to set up India’s first foundry. We will continue to grow our Semiconductor team, and we have the license for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer (IDM),” Vedanta said in a statement.

The company had announced plans to set up its chip plant in Gujarat with an investment of around Rs 1.5 lakh crore. However, its JV partner Foxconn has announced to pull out of the project.

“We will shortly acquire a licence for production-grade 28 nm as well. Vedanta has redoubled its efforts to fulfil the prime minister’s vision for semiconductors and India remains pivotal in repositioning global semiconductor supply chains,” the statement said.