Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "VEDANTA"


25 mentions found


watch nowApple iPhone supplier Foxconn , officially known as Hon Hai, said its semiconductor strategy is to focus on producing "specialty chips" — not competing in cutting-edge chips. We focus more on specialty technology," Chiang Shang-Yi, chief strategy officer for semiconductor at Hon Hai Technology Group, told CNBC's Emily Tan on Tuesday. Specialty chips are known as semiconductors found in sectors such as automotive and internet of things. And we call it specialty technology – that is not late at all," said Chiang. Chiang Shang-Yi Chief strategy officer for semiconductor"Sometimes we may have to build their cars by their drawings.
Persons: Hai, Chiang Shang, Yi, Emily Tan, Taiwan's, Chiang, Jun Seki, Hai's, Foxconn, Foxtron, – Tesla, Volkswagen –, Young Liu, Liu Organizations: Apple, Hai Technology Group, Samsung, Hai Technology, Yulon, Reuters, CNBC, Volkswagen, Research, Vedanta Locations: South, Foxconn, China, Europe, U.S, India, Karnataka, Beijing, Washington
Asia’s breakup party is happening under duress
  + stars: | 2023-10-04 | by ( Pranav Kiran | ) www.reuters.com   time to read: +4 min
As with other big breakups in the region however, there are unspoken reasons for him to join the party. Vedanta Resources is in talks with bondholders to extend the maturity by roughly three years on about $3.2 billion of debt due in 2024 and 2025. But even then, Vedanta Resources may still have a funding gap until 2027 under certain conditions, according to JPMorgan. Even if those were sold for as much as $1.5 billion, JPMorgan estimates Vedanta Resources will at most receive only $350 million in net proceeds. For every one share in Vedanta, shareholders will receive one additional share of each of the five new companies.
Persons: Anil Agarwal, Ajay Agarwal, Vedanta, Mukesh Ambani, Una Galani, Katrina Hamlin Organizations: Reuters, Vedanta, Vedanta Resources, London Stock Exchange, JPMorgan, Hindustan, HK, Reliance Industries, Thomson Locations: BENGALURU, Mumbai, Hindustan, People’s Republic, Asia, Vedanta
A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. The move to demerge could help Vedanta's parent, Vedanta Resources, to manage its debt load, according to Bloomberg's report, which added that Vedanta Resources will remain the holding company for the new units. Vedanta did not immediately respond to a Reuters request for comment on the report outside business hours. The plans stand in contrast to Agarwal's attempts in 2020 to delist Vedanta Ltd to expedite the process of simplifying its corporate structure, which failed. Vedanta Resources has been scrambling to raise funds due to rating downgrades and concerns about meeting debt obligations.
Persons: Danish Siddiqui, Anil Agarwal, Agarwal, Akanksha, Shweta Agarwal Organizations: Vedanta, REUTERS, Danish, India's Vedanta, Bloomberg, Vedanta Resources, Resources, Hindustan Zinc Ltd, Vedanta Ltd, Thomson Locations: Mumbai, India, Hindustan, Bengaluru
Indian shares set for muted opening on weak global cues
  + stars: | 2023-09-27 | by ( ) www.reuters.com   time to read: +1 min
The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai, India, July 12, 2023. REUTERS/Francis Mascarenhas/file photo Acquire Licensing RightsBENGALURU, Sept 27 (Reuters) - Indian shares are set for a muted opening on Wednesday, tracking weakness in global equity markets as investors continue to grapple with prospects of higher interest rates denting economic growth. India's GIFT Nifty (.GIFc1) was mostly unchanged at 19,609 points at 7:34 a.m. IST on the NSE International Exchange. Meanwhile, foreign investors remained net sellers this month, offloading about $1.5 billion of shares as of Sept. 22, after pouring over $15 billion into Indian equities this year. Foreign investors sold 6.93 billion rupees of shares, while domestic investors bought 7.14 billion rupees shares on Tuesday, provisional exchange data showed.
Persons: Francis Mascarenhas, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, U.S, Federal, Vedanta, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru
A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/file photo Acquire Licensing RightsBENGALURU, Sept 27 (Reuters) - Shares of Indian conglomerate Vedanta (VDAN.NS) fell to their lowest in over a year on Wednesday after Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months. The rating agency also raised concerns about the ability of Vedanta Resources' operating subsidiaries to generate cash flow in a "softening commodity price environment." Moody's downgraded Vedanta Resources' unsecured bonds to Caa3 from Caa2, and the corporate family rating of the billionaire Anil Agarwal-owned company to Caa2 from Caa1 while maintaining a negative outlook. Vedanta was the top loser on the Nifty 100 index (.NIFTY100), which was down 0.26%.
Persons: Danish Siddiqui, Anil Agarwal, Vedanta, Rama Venkat, Dhanya Ann Thoppil Organizations: Vedanta, REUTERS, Danish, Rights, Moody's Investors Service, Resources, Vedanta Resources, Thomson Locations: Mumbai, India, Caa2, Caa1, Bengaluru
The company said it raised an additional $49 million, bringing its total round of funding to to $97 million. Taiwanese giant Foxconn , the company that assembles Apple's iPhones, and Alltek, a communications tech company, were among the investors in the round. In contrast, Kneron designs a chipset that goes into devices like consumer electronics and cars that allow AI on the "edge." "So that will force people to switch into the more low cost (NPUs)," Liu said. Kneron has no shortage of competitors from giants like Qualcomm and MediaTek — which are aiming for on-device AI with their chips — and startups developing AI semiconductors.
Persons: Albert Liu, Harry Murphy, Nvidia's, CNBC's, Liu, Kneron, Foxconn Organizations: Sportsfile, Getty, Nvidia, Qualcomm, Vedanta, Manufacturing Locations: U.S, Kneron, India
Reliance, whose interest in making semiconductors has not been previously reported, did not respond to repeated requests for comment. India's IT ministry and Prime Minister Narendra Modi's office also did not respond to requests for comment. The country does not as yet have any chip manufacturing plants, although India's Vedanta (VDAN.NS) and Taiwan's Foxconn (2317.TW) are both looking at building facilities. India's government has forecast the domestic chip market will be worth $80 billion by 2028 compared with $23 billion currently. But chip manufacturing is an industry that has historically been beset with boom and bust cycles and requires much expertise.
Persons: Amit Dave, Mukesh, Narendra Modi's, Modi, Vedanta, Taiwan's Foxconn, Arun Mampazhy, , Foxconn, Munsif Vengattil, Aditya Kalra, Edwina Gibbs Organizations: Reliance Industries, Gujarat Global Trade, REUTERS, Reliance, Google, U.S, Vedanta, Ventures, Semiconductor, Intel, Orbit Ventures, Thomson Locations: Gujarat, Gandhinagar, India, DELHI, Abu Dhabi
A shareholders' agreement is being reworked to make the commitments from both shareholders legally binding, Kabuswe added. The legal details of the agreement and reinstatement of the KCM board, would be finalised within the next three months, the minister said. The forced takeover nearly paralysed operations at the KCM and triggered protracted battles, with Vedanta mounting legal battles including approaching an arbitration court in London to recover the copper assets. The government, which seeks to triple copper output over the decade, is also searching for a new investor for Mopani Copper Mines. Reporting by Chris Mfula; Writing by Felix Njini; Editing by Olivia Kumwenda-Mtambo, David Evans, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.
Persons: Paul Kabuswe, Kabuswe, Anil Agarwal, Edgar Lungu's, Hakainde Hichilema, Vedanta, KCM, ZCCM, Chris Mfula, Felix Njini, Olivia Kumwenda, David Evans, Alexandra Hudson Organizations: Vedanta Resources, IH, Vedanta, Mopani, Mining, Alexandra Hudson Our, Thomson Locations: Zambia, LUSAKA, KCM, ZCCM, London, Lusaka
Apple supplier Foxconn cautious despite beating earnings forecasts
  + stars: | 2023-08-14 | by ( ) www.cnbc.com   time to read: +3 min
A factory at the mobile phone plant of Rising Stars Mobile India, a unit of Foxconn in Tamil Nadu, India, on July 12, 2019. Apple supplier Foxconn beat estimates for second-quarter earnings on Monday thanks to a booming artificial intelligence sector but retained a cautious outlook for this year due to global economic uncertainties. Within the AI server supply chain, Foxconn has won a "very high" market share for GPU modules and substrates, Liu said. It was better than an average forecast of T$25.57 billion profit from 13 analysts, according to Refinitiv. Apple this month forecast that a sales slump would continue into this quarter, sending shares down despite beating Wall Street sales and profit targets in its fiscal third quarter.
Persons: Liu Young, Liu, Foxconn, Jun Seki Organizations: Stars Mobile India, Apple, Vedanta, Nissan, North, Wall Locations: Tamil Nadu, India, China, Wisconsin, Foxconn
CNN —A month after exiting an ambitious project to help build one of India’s first chip factories, Taiwan’s Foxconn says it remains bullish about the world’s most populous nation and is planning “billions” of dollars in investments there, as multinationals seek to diversify their supply chains beyond China. Foxconn’s India operations account for about $10 billion — or just under 5% — of the company’s annual turnover, which stood at $6.627 trillion new Taiwan dollars ($207 billion) last year, Chairman Young Liu told a Monday earnings call. “There is a positive energy for this market,” he said in response to a question from CNN. Foxconn, best known for making Apple (AAPL)’s iPhones, has more than 30 factories in India, including 20 dormitories that house tens of thousands of workers. It was seen as a blow to the New Delhi government’s plans to turn the country into a tech manufacturing powerhouse.
Persons: Taiwan’s Foxconn, Young Liu, , ” Liu, Foxconn Organizations: CNN, , Apple, Vedanta Locations: China, India, Taiwan, Delhi
The ministry didn’t provide a reason for the change in rules, however Modi has aggressively pushed his “Make in India” campaign, which promotes local manufacturing in a bid to create more jobs. India’s electronic imports stood at $19.7 billion in the April to June period, up 6.25% from the same period in 2022, according to Reuters. Its large and young labor force makes the country a big draw for global companies seeking alternative manufacturing hubs to China. Earlier this year, India’s commerce minister, Piyush Goyal, said Apple was already making between 5% and 7% of its products in India. Foxconn, the world’s largest contract electronics maker and a key supplier to Apple, is also looking to expand its manufacturing operations in India.
Persons: Narendra Modi, Modi, Piyush Goyal, Apple, Organizations: CNN, Ministry of Commerce, Industry, Reuters, Apple, Samsung, Organisation for Economic Co, Micron, Vedanta Locations: India, China, Gujarat
Factbox: Taiwanese giant Foxconn's growing interest in India
  + stars: | 2023-08-03 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/Illustration//File PhotoNEW DELHI, Aug 3 (Reuters) - Foxconn (2317.TW) has rapidly expanded its presence in India by investing in locations in the south of the country for its manufacturing facilities, as the Taiwanese giant seeks to move away from China. Foxconn, the leading contract manufacturer of electronics, already has an iPhone factory in Tamil Nadu, which employs 40,000 people. Here are some of the areas where the company has invested, according to announcements and sources familiar with its plans. APPLE ASSEMBLYFoxconn plans to make casing components for iPhones at a new Karnataka facility with $350 million in investment that will generate 12,000 jobs. MOBILE COMPONENTSFoxconn has signed a deal on Monday with southern state of Tamil Nadu to invest 16 billion rupees ($194 million) in a new electronic components manufacturing facility that will create 6,000 jobs.
Persons: Dado Ruvic, Foxconn, Narendra Modi's, Tanvi Mehta, Barbara Lewis Organizations: REUTERS, APPLE ASSEMBLY, Apple, Reuters, Applied Materials, Vedanta, Thomson Locations: India, China, Tamil Nadu, Karnataka, Gujarat, Thailand
Foxconn will invest more than $600 million in India as part of a phone manufacturing project and separately a semiconductor equipment facility, according to the government of the state of Karnataka. The phone project will create employment opportunities for 12,000 people, Patil said, while the semiconductor facility will generate employment for 1,000 people. Foxconn has also, with little success so far, tried to enter the semiconductor manufacturing area. Applied Materials was not immediately available for comment. Modi attended a semiconductor event in India last week, at which senior executives from big U.S. chip firms including Applied Materials and AMD were present.
Persons: Foxconn, B Patil, Patil, Narendra Modi, Modi, Young Liu Organizations: Materials, Vedanta, CNBC, Applied Materials, AMD Locations: Krakow, Poland, India, Karnataka, U.S, China
REUTERS/Amit DaveGANDHINAGAR, India, July 28 (Reuters) - India wants to become a trusted partner for the semiconductor industry and a chip maker for the world, Prime Minister Narendra Modi said on Friday, as global companies including Foxconn (2317.TW) announced investment plans in the South Asian nation. "To expedite the growth of the semiconductor sector in the country, we are continuously undertaking policy reforms," said Modi, who has made chipmaking the top priority of his economic policy. Modi was speaking at the government's SemiconIndia annual conference in his home state of Gujarat which is being attended by top semiconductor industry executives. Speaking to CNBC-TV18, Liu said Foxconn had yet to find another partner for its India chipmaking venture. At the event, Micron Technology (MU.O) CEO Sanjay Mehrotra said a planned $2.7 billion semiconductor testing and packaging unit in Gujarat would help create about 5,000 jobs in the state.
Persons: Mark Papermaster, Young Liu, India's, Narendra Modi, Amit Dave GANDHINAGAR, TW, Modi, Foxconn, Liu, Modi's, Sanjay Mehrotra, Munsif Vengattil, Sumit Khanna, Indranil Sarkar, Aditya Kalra, Jacqueline Wong, Muralikumar Organizations: Devices, REUTERS, Foxconn, CNBC, TV18, Vedanta, Semiconductor, Reuters, Hai Technology, Micron Technology, Thomson Locations: Gandhinagar, India, Gujarat, Bengaluru, Tamil, Taiwan, Foxconn
Indian Prime Minister Narendra Modi has looked to woo American semiconductor firms to invest in his country. India's chip strategyIndia's chip strategy consists of two major parts. At SemiconIndia, the American chip firms in attendance spoke about their investments in India and announced new ones, highlighting India's focus on attracting foreign companies. Last month, Micron announced plans to set up a semiconductor assembly and testing facility in the state of Gujarat in India. The chip manufacturing tie-up between Vedanta and Foxconn reportedly relied on technology from European semiconductor firm STMicroelectronics.
Persons: Narendra Modi, Anna Moneymaker, Modi, Ajit Manocha, Jefferies, Manocha, , Mark Papermaster, Sanjay Mehrotra, Ashwini Vaishnaw, Young Liu, Foxconn, hasn't, Liu, Anil Agarwal, Pranay Kotasthane, haven't, Kotasthane Organizations: Indian, Getty Images, U.S, Micron, Cadence, Applied Materials, AMD, SemiconIndia, U.S ., Vedanta, CNBC, TV18, Takshashila Locations: U.S, Taiwan, South Korea, U.S . New Delhi, India, America, SemiconIndia, Bangalore, Gujarat, Vedanta
[1/3] Visitors gather at Applied Materials and Micron Technology kiosks before the start of 'SemiconIndia 2023', India's annual semiconductor conference, in Gandhinagar, India, July 25, 2023. REUTERS/Amit DaveGANDHINAGAR, India July 26 (Reuters) - Top executives from Foxconn and semiconductor firms Micron and AMD will this week attend a conference in Prime Minister Narendra Modi's home state, as the government tries to lure investments into India's nascent chip industry. Modi will inaugurate the annual SemiconIndia conference in Gandhinagar, in western state of Gujarat, on Friday. The event comes just weeks after Foxconn backed out of a $19.5 billion chips joint venture with Vedanta, saying "the project was not moving fast enough". Which explains the skepticism of global chip giants to come here and set shop," said Arun Mampazhy, a former India manager of U.S.-based chipmaker GlobalFoundries.
Persons: Amit Dave GANDHINAGAR, Narendra Modi's, Modi, Young Liu, Sanjay Mehrotra, Mark Papermaster, Foxconn, Arun Mampazhy, Munsif, Sumit Khanna, Aditya Kalra Organizations: Materials, Micron Technology, REUTERS, Micron, AMD, Vedanta, Devices, Semiconductor, Thomson Locations: Gandhinagar, India, Taiwan, Gujarat, Bengaluru
In this article 2317-TW Follow your favorite stocks CREATE FREE ACCOUNTThis month, Foxconn pulled out of its joint venture with Vedanta. In May 2021, it formed a joint venture with Yageo Corporation, which makes various types of electronic components. Foxconn looked to India for its joint venture with Vedanta because the country's government is looking to boost its domestic semiconductor industry and bring manufacturing on shore. This month, Foxconn pulled out of its joint venture with Vedanta. Foxconn and Vedanta wanted to license the technology from STMicro and India wanted the firm to have a stake in the joint venture, but the European chipmaker did not, Reuters reported.
Persons: Foxconn, Gabriel Perez, Neil Shah, Shah, BMI's Perez, Vedanta Organizations: Vedanta, Getty, BMI, Fitch Group, CNBC, Samsung, Micron, Hai Technology, Yageo Corporation, Counterpoint Research, Reuters Locations: India, EU, Mainland China, STMicro
BENGALURU, July 18 (Reuters) - India's Vedanta is awaiting government approval for incentives under a modified semiconductor production plan to begin construction of a plant in the country's western state of Gujarat, for which its has tapped technology and equity partners, a top executive said on Tuesday. The group already has a partnership with Taiwan's Innolux for display fab manufacturing, he added. After Foxconn pulled out, Vedanta said it had lined up partners for the venture, without giving details. Separately, Gujarat is holding talks with Foxconn over a semiconductor plant, while the Taiwanese company had said it intends to apply for incentives under India's semiconductor production plan. Reporting by Sethuraman NR and Aleef Jahan in Bengaluru; Editing by Savio D'Souza and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: Taiwan's, Anil Agarwal, Taiwan's Foxconn, Foxconn, Vedanta, Foxconn's pullout, Aleef, Savio D'Souza, Maju Samuel Organizations: Vedanta Semiconductors, Reuters, Sethuraman, Thomson Locations: BENGALURU, Gujarat, Bengaluru
[1/2] A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/File PhotoCHENNAI, July 13 (Reuters) - A decision by Taiwan's Foxconn (2317.TW) to withdraw from a $19.5 billion semiconductor joint venture with Vedanta (VDAN.NS) is a "credit negative" for the Indian conglomerate's UK parent Vedanta Resources, debt research firm CreditSights said on Thursday. CreditSights had previously expected a "minimal credit impact" on Vedanta Resources based on the old arrangement, as Volcan, Vedanta's holding entity was undertaking the semiconductor investments. CreditSights also expects further strain on credit metrics and free cash flows for both Vedanta Resources and India's Vedanta with Foxconn's exit also resulting in a loss of a partner to split manufacturing costs. CreditSights maintained its "buy" rating on Vedanta Resources' bonds saying its refinancing outlook for some debt maturities have improved, helped by $1.3 billion of fresh loan fundraisings.
Persons: Danish Siddiqui, Taiwan's Foxconn, CreditSights, Foxconn, Praveen, Nivedita Organizations: Vedanta, REUTERS, Danish, Indian conglomerate's, Vedanta Resources, JV, Fitch, Thomson Locations: Mumbai, India, CHENNAI, Volcan, Chennai
AHMEDABAD, India July 12 (Reuters) - India's Gujarat state is holding talks with Foxconn over a semiconductor plant, a top government official told Reuters, days after the Taiwanese giant broke off a $19.5 billion joint-venture plan with India's Vedanta. "We are in touch with multiple prospective investors, including Foxconn ... Gujarat is uniquely positioned to attract top chipmakers," said Vijay Nehra, secretary of the science and technology department in Gujarat. Foxconn (2317.TW) this week exited its project with Vedanta (VDAN.NS), which was also planned for Prime Minister Narendra Modi's home state of Gujarat, citing issues such as slow progress. The breakup of the JV was a setback for Modi's vision to establish India as a semiconductor manufacturing hub. Its talks with Gujarat come weeks after Micron Technology (MU.O) said it will invest up to $825 million in a semiconductor testing and packaging facility in the state.
Persons: Vijay Nehra, Narendra Modi's, Foxconn, Modi, Lee, Munsif Vengattil, Aditya Kalra, Sharon Singleton Organizations: Reuters, Vedanta, JV, IGSS Ventures, ISMC, LinkedIn, Micron Technology, Thomson Locations: AHMEDABAD, India, Gujarat, ., Foxconn, Singapore
Apple has long depended on China for manufacturing, but the relationship is getting complex. Two recent developments suggest India's push to become a viable alternative to China — and benefit Apple — are mixed. "Foxconn has determined it will not move forward on the joint venture with Vedanta," Foxconn said in a statement to Reuters. That's a critical blow to Modi, who set out chip manufacturing as a strategic part of his ambitions to level up India. Vedanta chairman Anil Agarwal tweeted that the joint venture meant "India's own Silicon Valley is a step closer now."
Persons: Foxconn, , China's, Luxshare, JP Morgan, Tim Cook, Modi, Madhuri Dixit, Mukesh Ambani, Narendra Modi, That's, Europe's, Anil Agarwal, Agarwal Organizations: Apple, Apple ., Tata Group, Bloomberg, Vedanta, Reuters Locations: China, India, Asia, China's hawkishness, Taiwan, Vietnam, Beijing, Mumbai, iPhones, Karnataka, Modi's, Gujarat, Cupertino
BENGALURU, July 12 (Reuters) - India's Vedanta will enter the market for the manufacturing of chips and displays this year, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconn (2317.TW) pulled out of the $19.5 billion chipmaking project. Foxconn separately intends to apply for incentives under India's semiconductor production plan. In an address to the shareholders, Agarwal said Vedanta will "this year, subject to government approval" begin its foray to setup its semiconductor and display units. After Foxconn pulled out, Vedanta said it has lined up partners for the venture, without giving any further details. Volcan Investments, Vedanta's holding company and Foxconn had signed a pact last year to set up semiconductor and display production plants in Prime Minister Narendra Modi's home state Gujarat in western India.
Persons: Anil Agarwal, Foxconn, Agarwal, Vedanta, Narendra Modi's, Foxconn's pullout, Tanvi Mehta, Nivedita Bhattacharjee, Louise Heavens Organizations: Volcan Investments, Reuters, JV, Sethuraman NR, Thomson Locations: BENGALURU, Volcan, Gujarat, India, Bengaluru, New Delhi
Foxconn (2317.TW) withdrew from the JV with the Indian metals-to-oil conglomerate on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem." India expects its semiconductor market to be worth $63 billion by 2026, but Modi's plan has so far floundered. The $3 billion ISMC project is stalled because Tower is being acquired by Intel, while another $3 billion plan by IGSS was also halted because it wanted to re-submit its application, Reuters has reported. Like Foxconn, the Indian government has said the breakup of the JV had "no impact" on India's semiconductor plans, adding that both companies were "valued investors" in the country.
Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, IGSS, Ann Wang, Vedanta, Anil Agarwal, Vedanta's, Yimou Lee, Ben Blanchard, Tanvi Mehta, Aditya Kalra, Jacqueline Wong, Sonali Paul, Alexander Smith Organizations: India, JV, Vedanta, TW, Semiconductors, IGSS Ventures, ISMC, Intel, Reuters, REUTERS, Vedanta's, Vedanta Ltd, Vedanta Resources, Thomson Locations: chipmaking, India, TAIPEI, MUMBAI, Singapore, New Taipei City, Taiwan, Vedanta's India, Vedanta's London, Taipei, Mumbai, New Delhi, Pandya, Bengaluru
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/foxconn-to-look-for-new-partners-for-india-chip-foray-fe99609c
Persons: Dow Jones
Hong Kong CNN —Foxconn says it is exiting an ambitious project to help build one of India’s first chip factories. The news was seen as a blow to the Indian government’s plans to turn the country into a tech manufacturing powerhouse, even as officials have sought to counter that view. In a followup statement Tuesday, Foxconn reaffirmed its commitment to invest in Indian chipmaking. The project had been hailed as a milestone in India’s campaign to attract more investment in manufacturing, a sector sorely needed to help ease unemployment. Prime Minister Modi had framed the project as a significant boost for the economy and jobs.
Persons: Hong Kong CNN — Foxconn, Foxconn, Vedanta, Narendra Modi, , Young Liu, Ashwini Vaishnaw, ” Rajeev Chandrasekhar, Modi Organizations: Hong Kong CNN, Vedanta, CNN, Apple, Indian, News18, Micron Locations: Hong Kong, Asia’s, India, Andhra Pradesh, Tamil Nadu, China, Taipei, Mumbai, Gujarat
Total: 25