Foxconn, Vedanta Committed To Semicon Mission, Make In India: Ashwini Vaishnaw
Taiwanese electronics manufacturer Foxconn and mining major Vedanta are committed to India’s semiconductor mission and the Make-in-India programme, said Union Minister of Electronics and IT Ashwini Vaishnaw on Monday.
The Minister’s remark came following Foxconn’s announcement to leave the semiconductor's joint venture with Vedanta Foxconn Semiconductors.
Vaishnaw tweeted, “Both the companies Foxconn and Vedanta are committed to India's semiconductor mission and Make in India program.”
Foxconn’s withdrawal from the USD 19.5 billion joint venture with Vedanta was due to the struggle of finding a chip-making partner. The operation aimed to manufacture chips used in mobile phones, refrigerators and cars.
Vedanta said it is completely committed to its semiconductor project and is lined up with other partners to set up the nation’s first foundry. However, it did not reveal the new partnership.
Commenting on the matter, Minister of State for Electronics and IT Rajeev Chandrasekhar said Foxconn's back out from Vedanta’s joint venture will have no impact on India's semiconductor plans as both the companies are new players in the sector with no prior semiconductor experience or technology.
