Get All Access for $5/mo

Foxconn Pulls Out Of $19.5 Billion JV With Vedanta: Report The company is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

Taiwan's Foxconn said on Monday it is pulling out of a joint venture with metals-to-oil conglomerate Vedanta Ltd that was set up to produce semiconductors from India, according to a Reuters report.

Foxconn and Vedanta signed a pact last year to invest $19.5 billion to set up semiconductor and display production plants in the western state of Gujarat, seeking to tap into the country's plans to become an electronics major.

"Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta," the electronics manufacturer said in a statement.

Reportedly, Foxconn said it had worked with Vedanta for more than a year to bring "a great semiconductor idea to reality", but they had mutually decided to end the joint venture and it will remove its name from what now is a fully-owned Vedanta entity.

Anil Agarwal-led Vedanta and Taiwan's Hon Hai Technology Group, also known as Foxconn, have entered into a partnership to manufacture semiconductors in India, last year.

Foxconn is the world's largest contract electronics manufacturer and a major supplier to iPhone maker Apple. It has recently expanded into areas, including electric vehicles (EVs) and semiconductors.

China is also one of the key exporters of semiconductors to India. In 2020, India spent $15 billion on electronics imports, of which 37% came from China.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Leadership

Visionaries or Vague Promises? Why Companies Fail Without Leaders Who See Beyond the Bottom Line

Visionary leaders turn bold ideas into lasting impact by building resilience, clarity and future-ready teams.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.