Foxconn looking to set up 4-5 fab lines in India

economictimes.indiatimes.com:

Foxconn has told the government it wants to set up at least four to five semiconductor fabrication lines in India, people aware of the development told ET. Foxconn said it was “working toward submitting an application” under the India Semiconductor Mission in a separate statement on Tuesday.

This came a day after it announced the end of its joint venture, Vedanta-Foxconn Semiconductors Ltd (VFSL), with the Vedanta Group to make chips. The Taiwanese company has informed the ministry of electronics and information technology about the details of at least two memoranda of understanding (MoU) it has inked with technology partners, a senior government official said.

“We have asked them to sign definitive agreements and come back to us with the details on the proposed technology, the nature of agreements, the people involved in these, among others,” the official said, adding that the tech partner is likely to hold some equity in the new partnership. “Since Foxconn is aware of the procedures, they should be able to submit their final application and make the announcement within the next 45-60 days.” While at least one of these production lines is likely to be set up in Gujarat, Foxconn may explore the possibility of other locations as well, said another person aware of the development.

“We welcome a diverse set of stakeholders, both inside India and abroad, who also want to see India get to the next level and can complement Foxconn’s world-class supply chain management and manufacturing efficiency,” the company said, without elaborating. ET reported June 26 on the rocky state of the joint venture.