Chip maker Foxconn exits a semiconductor joint venture with Indian mining company Vedanta

By ASHOK SHARMA
Associated Press

NEW DELHI (AP) — Apple iPhone manufacturer Foxconn has announced it is backing out of a $19.5 billion semiconductor joint venture with Indian mining conglomerate Vedanta Ltd. but was still looking for other partners. Indian officials downplayed the potential impact of its withdrawal. Taiwan-based Hon Hai Technology, also known as Foxconn, and Vedanta Ltd. announced their joint venture to manufacture chips and display panels in India in February 2022. India’s Ministry for Electronics and Information Technology said both Foxconn and Vedanta have significant investments in India and are creating jobs and growth. Foxconn has been making Apple iPhones in India and has plans to expand production. Foxconn said it’s committed to India, but that getting established will take time.