The vedanta foxconn India Chip Project comes to an end!

Can India establish itself as a global leader in semiconductor production? The vedanta foxconn joint venture aimed to make this vision a reality. However, foxconn india recent decision to pull out of the $19.5 billion India Chip Project has raised concerns.

Credit: The Economic Times Tamil

Highlights:

• The Vedanta Foxconn joint venture aimed to establish India as a global leader in semiconductor production.
• Foxconn India’s recent decision to pull out of the $19.5 billion India Chip Project has raised concerns.
• Vedanta Limited, an Indian multinational conglomerate, and Foxconn, a Taiwanese electronics manufacturing company, formed the joint venture.
• The share prices of both Vedanta and Foxconn were impacted by the decision, with Vedanta’s share price falling by nearly 3%.
• The joint venture aimed to produce chips with a size of 40 nanometers (nm), with plans to advance to 28nm chips.
• Despite the setback, Vedanta remains dedicated to advancing India’s semiconductor industry and exploring alternative partnerships.

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The Vedanta Foxconn India Chip Project sought to revolutionize India’s semiconductor ecosystem and position the country as a vital player in the global supply chain. With Foxconn‘s withdrawal, uncertainty looms over India’s semiconductor aspirations. Explores the intricacies of the joint venture and the potential implications of foxconn india departure from India’s semiconductor industry.

What is vedanta foxconn Project?

Vedanta Foxconn Project is a joint venture between Vedanta Limited, an Indian multinational conglomerate, and Foxconn, a Taiwanese electronics manufacturing company. The project aimed to establish Vedanta foxconn semiconductors, contributing to the country’s efforts to strengthen its semiconductor ecosystem.

Updated vedanta foxconn Share Prices 

Foxconn Technology Co Ltd, the Taiwanese electronic contract manufacturer, plays a significant role in the global technology supply chain. As of 11:30 AM IST on July 11, 2023, the foxconn share price (2354) in Taiwan is 53.70 TWD 1.

Source: NSE VEDL

Recently, foxconn chennai made headlines when it announced its decision to withdraw from the $19.5 billion semiconductor joint venture with Vedanta. This development also impacted Vedanta’s share price, causing it to fall by nearly 3% 23. The decision by foxconn india to pull out of the joint venture had implications not only for Vedanta but also for India’s semiconductor ambitions.

It is important to note that foxconn share price can be subject to fluctuations due to various factors, including market conditions, company-specific news, industry trends, and macroeconomic influences. Foxconn investors and stakeholders continue to monitor the company’s performance and strategic decisions as they shape its future trajectory in the highly competitive technology landscape.

Which Indian company announced forming a JV with Foxconn to manufacture semiconductors in India?

Vedanta Limited, a diversified Indian multinational conglomerate, made headlines with its announcement of a joint venture with Foxconn. With its presence in the mining, oil, and gas sectors, Vedanta brings its extensive industry experience to the partnership. It aims to drive semiconductor manufacturing in india and contribute to its technological growth.

Foxconn is from which country?

Foxconn, headquartered in Taiwan, is a global electronics manufacturing services provider. Renowned as a major supplier to tech giants like Apple, it plays a crucial role in producing various consumer electronics. Its expertise and scale make it a significant player in the global technology manufacturing landscape.

Why Foxconn pulled out of Vedanta?

foxconn chennai decided to pull out of the joint venture with Vedanta. In a statement, Foxconn mentioned that it is working to remove its name from the entity, which is now fully owned by Vedanta. The exact reasons for Foxconn’s withdrawal from the project were not explicitly stated.

What is the deal between both firms?

The deal between Foxconn and Vedanta involved the establishment of a joint venture to vedanta foxconn semiconductor gujarat. Vedanta was set to take over the ownership of Vedanta Foxconn Semiconductor gujarat Private Limited and Vedanta Displays, wholly owned subsidiaries of Twin Star Technologies Limited. Twin Star Technologies Limited is a subsidiary of Volcan Investments Limited, the ultimate holding company of Vedanta Limited.

The joint venture initially aimed to set up vedanta foxconn semiconductor gujarat units capable of producing chips with a size of 40 nanometers (nm), with plans to advance to 28nm chips. The manufacturing facilities were expected to have a monthly capacity of 40,000 wafers. The project’s total investment was projected to be around Rs1.54 lakh crore.

However, foxconn chennai’s decision to pull out of the joint venture altered the dynamics of the project. Vedanta expressed its commitment to the semiconductor fab project and said it had lined up other partners to establish India’s first foundry. The company emphasized its efforts to fulfill the Prime Minister’s vision for semiconductors, highlighting the importance of India in global semiconductor supply chains.

As Foxconn withdraws, Vedanta says other partners lined for chip planthttps://t.co/T5HcKGSZwq pic.twitter.com/xdc6ikBDAy

— Press Trust of India (@PTI_News) July 10, 2023

Despite the setback caused by foxconn chennai withdrawal, Vedanta remains dedicated to advancing India’s semiconductor industry and exploring alternative partnerships to realize its semiconductor manufacturing goals.

Conclusion

Uncertainty results from Foxconn’s withdrawal from the Vedanta Foxconn Project, which had significant promise for India’s semiconductor industry. Vedanta is still committed, nevertheless, and is looking for different alliances and prospects. India needs to be resilient and cooperative to build a strong semiconductor ecosystem. The Vedanta Foxconn business Project is a stark warning of the difficulties in achieving technological excellence.