Vedanta has lined up partners for semiconductor venture: Chairman Anil Agarwal
India's Vedanta has lined up partners for its semiconductor manufacturing venture in the country, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconn pulled out of the chipmaking project. Foxconn withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate earlier this week.
Hon Hai Technology, known internationally as Foxconn, and Vedanta Limited announced their joint venture to manufacture chips and display panels in India in February 2022. On Monday, Foxconn announced it had mutually agreed to part ways with Vedanta Limited.
«This is not a negative. There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project,” Taiwan-based Foxconn said in a statement Tuesday.
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