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Foxconn withdraws from chip manufacturing deal worth Rs USD 19.5B

Bengaluru: In a major setback to Prime Minister Narendra Modi’s plans of making India a chip-manufacturing hub, Taiwanese chip-making giant Foxconn on Monday announced that it has withdrawn from a joint venture with India-based industrial giant Vedanta.

Foxconn was supposed to execute a $19.5 billion semiconductor joint venture with metals to oil conglomerate Vedanta.

Foxconn and Vendanta had signed a MoU in 2022 to establish semiconductor and display production parts in Gujarat, the home state of PM Modi.

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“Foxconn has determined it will not move forward on the joint venture with Vedanta,” the company said in a statement, without elaborating over the matter.

It maintained that the withdrawal matter is settled between the two companies.

Vedanta is yet to react to the development.

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