Tuesday, July 9, 2024
HomeTop Global NewsFoxconn looking to set up 4-5 fab lines in India.

Foxconn looking to set up 4-5 fab lines in India.

As per those with knowledge of the situation, global technology giant Foxconn has informed the government that it intends to establish at least four to five semiconductor fabrication lines in India.

In a separate statement on Tuesday, Foxconn stated that it was “working towards submitting an application” under the India Semiconductor Mission.] This comes a day after it terminated its chip-making joint venture with the Vedanta Group, Vedanta-Foxconn Semiconductors Ltd (VFSL).

According to a senior government official, the Taiwanese corporation has told the Ministry of Electronics and Information Technical about the specifics of at least two memorandums of understanding (MoU) it has signed with technical partners.

The official added, adding that the tech partner is expected to have some equity in the new relationship, “We have asked them to sign definitive agreements and come back to us with the details on the proposed technology, the nature of agreements, the people involved in these, among others.” “Foxconn should be able to submit their final application and make the announcement within the next 45-60 days since they are aware of the procedures,” said the official.

Another individual stated that Foxconn may look into other areas even though at least one of these production lines will probably be located in Gujarat. Without going into any detail, the company stated: “We welcome a diverse set of stakeholders, both domestically and internationally, who also want to see India advance and can complement Foxconn’s world-class supply chain management and manufacturing efficiency.”

Also read, Wadia Group Looking for Partners to Bid for Go First

Foxconn Joint Venture with Vedanta:

On July 10, Foxconn declared the joint venture to be over and claimed that both parties had amicably agreed to split ways. The business claimed it was attempting to get its name dropped from the partnership. It stated that any attempt to keep the joint venture’s original name would “cause confusion for future stakeholders”.

According to those with knowledge of the situation, cultural differences between the two companies were the cause of the variances. A high-tech firm with an emphasis on Asia is Foxconn. In February 2022, the Anil Agarwal-led Vedanta and Hon Hai Technology Group (Foxconn) joint venture to produce chips and display panels in India was announced. This made it one of the initial few participants in the India Semiconductor Mission, which the government created as part of a plan to create a national chip industry.

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