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India, Foxconn's worries over Vedanta's financials led to JV pullout: Sources
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Foxconn had concerns over the financial situation of Vedanta, which led to the Taiwanese firm parting ways with Vedanta on a chipmaking joint venture, sources familiar with the information told Reuters. Indian conglomerate Vedanta Ltd's London-based parent, Vedanta Resources, has been plagued by a rising debt pile.
Some ratings agencies downgraded the company this year amid concerns about risks of a debt default. There have been no defaults on debts from the group, Vedanta Chairman Anil Agarwal has said.
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