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Foxconn pledges commitment to India after Vedanta JV withdrawal
The Daily Guardian
|July 12, 2023
A day after Taiwanese electronics manufacturing giant, Foxconn, announced its withdrawal from a joint venture with Indian conglomerate Vedanta, the company has stated it is preparing to apply for incentives under a semiconductor and display fab programme, reaffirming its commitment to India.
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Foxconn, which had recently pulled out of a $19.5 billion semiconductor joint venture with Vedanta, said in a statement on Tuesday, "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."
Foxconn is planning to submit an application related to the Modified Programme for Semiconductors and Display Fab Ecosystem. The company expressed its belief in India's potential to establish a strong semiconductor manufacturing ecosystem, albeit over time. "Foxconn first entered India in 2006 and we are still here.
This story is from the July 12, 2023 edition of The Daily Guardian.
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