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☆ Vedanta is preparing to demerge sprawling operations- Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

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

[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

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

☆ India, Foxconn's worries over Vedanta's financials led to JV pullout - sources
▼ + stars: | 2023-07-11 | by ( Yimou Lee | ) www.reuters.com time to read: +1 min

Indian conglomerate Vedanta Ltd's (VDAN.NS) London-based parent, Vedanta Resources, has been plagued by a rising debt pile. In a statement to Reuters, Vedanta said its Indian unit, Vedanta Ltd, is in "a comfortable financial position" and there was "no basis" to such speculation. Some ratings agencies downgraded Vedanta Resources this year amid concerns about risks of a debt default. There have been no defaults on debts from the group, Vedanta Chairman Anil Agarwal has said. Reporting by Yimouy Lee; Additional reporting by Aditya Kalra and Munsif V; Editing by Himani Sarkar and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Vedanta, Anil Agarwal, Yimouy Lee, Aditya Kalra, Himani Sarkar, Emelia Organizations: Reuters, Vedanta, Vedanta Resources, Vedanta Ltd, Thomson Locations: TAIPEI, London

☆ Foxconn eyes India chipmaking incentives after quitting $19.5 billion JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Foxconn remains committed to chipmaking in IndiaFoxconn seeks new partner for India chipmaking - sourceTAIPEI/NEW DELHI, July 11 (Reuters) - Taiwan's Foxconn (2317.TW) said on Tuesday it plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta (VDAN.NS) on a $19.5 billion chipmaking joint venture. Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is working toward submitting an application," the company said in a statement. The Vedanta-Foxconn joint venture was among three applicants last year under the government's incentives plan. Explaining its breakup with Vedanta, Foxconn said on Tuesday "there was recognition from both sides that the project was not moving fast enough" and there were other "challenging gaps we were not able to smoothly overcome", without sharing more details.

Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, Vedanta, Yimou Lee, Ben Blanchard, Aditya Karla, Jacqueline Wong, Sonali Paul Organizations: India, Vedanta, Semiconductors, Vedanta Ltd, Thomson Locations: chipmaking, India, TAIPEI, DELHI, Taipei, Mumbai, New Delhi

☆ Troubles of Indian tycoon Anil Agarwal's Vedanta mount as Foxconn ditches JV
▼ + stars: | 2023-07-11 | by ( Tanvi Mehta | ) www.reuters.com time to read: +3 min

He then expanded his empire across India, Zambia, Namibia, Ireland and South Africa and later entered the oil and gas sector. London-headquarted Vedanta Resources controls the India unit, Vedanta Ltd. Agarwal took Vedanta Resources private in 2018. Vedanta's gross debt stood at $6.8 billion as of April end, after the company completed 75% of its debt reduction commitment. FOXCONN JVVedanta-Foxconn had sought incentives from Prime Minister Narendra Modi's government and several Indian states for its Foxconn JV to manufacture semiconductors. Relations between Zambia and Vedanta broke down several years ago and culminated in the state appointing a liquidator for the KCM assets in May 2019.

Persons: Foxconn, Anil Agarwal, VEDANTA, Agarwal, Agarwal's, Akarsh Hebbar, Moody's, Narendra Modi's, Paul Kabuswe, Vedanta, Tanvi Mehta, Aditya Kalra, Sonali Paul Organizations: Vedanta, Resources, India's, Forbes, JV, Reuters, Thomson Locations: DELHI, Mumbai, India, Zambia, Namibia, Ireland, South Africa, London, Tamil Nadu, Odisha

☆ India's Vedanta to take over Foxconn chip JV from holding company
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 7 (Reuters) - India's metals-to-oil conglomerate Vedanta Ltd (VDAN.NS) said on Friday that it would take over from its holding company the ownership of a joint venture with Taiwan's Foxconn that was set up to make semiconductors. Vedanta also said it would also take over a display glass manufacturing venture from Volcan Investments, Vedanta's holding company. Moreover, Vedanta's disclosures last year related to the deal made it seem like it was running the project. It later clarified that Volcan Investments would take the helm. Still, India's marker regulator, after an investigating, penalised Vedanta last week, saying it had broken regulations by initially making it appear it had partnered with Foxconn.

Persons: Taiwan's, Vedanta, Ashish Chandra, Savio D'Souza Organizations: Vedanta, Volcan Investments, TW, Reuters, Foxconn, Thomson Locations: BENGALURU, Volcan, Foxconn, Gujarat, India, Bengaluru

[1/2] A lifeguard patrols Juhu beach, during a red flag alert due to rough seas caused by cyclone Biparjoy, in Mumbai, India, June 12, 2023. Eight districts in coastal Gujarat are expected to be affected, the state government said. Gujarat is home to many offshore oil installations and major ports in the country and most have been forced to suspend operations. Two of India's largest ports - Kandla and Mundra - located in Gujarat, have suspended operations, the state government said. Other ports including Bedi, Navlakhi, Porbandar, Okha, Pipavav and Bhavnagar have also closed due to the cyclone, according to shipping sources.

Persons: Francis Mascarenhas, Kamal Dayani, Bedi, Navlakhi, Jamnagar, Sumit Khanna, Rajendra Jadhav, Mohi Narayan, Sudipto Ganguly, Raju Gopalakrishnan Organizations: REUTERS, India Meteorological Department, Force, Reliance Industries, Adani, Indian Coast Guard, Key Singapore, Oil, Gas, Vedanta Ltd, National Disaster Management Authority, Rajendra, Thomson Locations: Mumbai, India, Francis Mascarenhas AHMEDABAD, MUMBAI, Gujarat, Pakistan, Mandvi, India's Gujarat, Karachi, Kutch, Rajkot, Pipavav, Bhavnagar, Mundra, Tuna, Kandla, Key, Dubai, Ahmedabad

☆ Cyclone likely to hit India's west coast, south Pakistan on Thursday
▼ + stars: | 2023-06-12 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

[1/7] A lifeguard patrols Juhu beach, during a red flag alert due to rough seas caused by cyclone Biparjoy, in Mumbai, India, June 12, 2023. REUTERS/Francis MascarenhasMUMBAI, June 12 (Reuters) - A storm off India's west coast has strengthened to become a powerful cyclone and could hit India's western state of Gujarat and southern parts of Pakistan this week, the Indian weather department said on Monday. "Rescue and relief teams of the Coast Guard, Army and Navy along with ships and aircraft have been kept ready on standby," it said. In neighbouring Pakistan, the National Disaster Management Authority said instructions were being given to take precautionary measures in southern and southeastern parts that may be affected. A 1998 cyclone killed at least 4,000 people and caused hundreds of millions of dollars in damage in Gujarat.

Persons: Francis Mascarenhas MUMBAI, Biparjoy, Rajendra Jadhav, Asif Shahzad, Sumit Khanna, Sakshi Dayal, Shivam Patel, Raju Gopalakrishnan, Philippa Fletcher, Jonathan Oatis, Mark Heinrich Our Organizations: REUTERS, India Meteorological Department, Adani, Indian Coast Guard, Key Singapore, Oil, Gas, Vedanta Ltd, Response Force, Coast Guard, Army, Navy, National Disaster Management Authority, Thomson Locations: Mumbai, India, Gujarat, Pakistan, Mandvi, Karachi, Fishermen, Mundra, Tuna, Kandla, Key, Dubai, Gujarat Pipavav, Kerala, Maharashtra, Karnataka, Andhra Pradesh, Tamil Nadu

☆ India opposes Hindustan Zinc's $2.98 bln deal for Vedanta zinc assets
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Vedanta's sale of its zinc assets in South Africa and Namibia to Hindustan Zinc is critical to ensuring liquidity at parent company Vedanta Resources. The government holds a near 30% stake in Hindustan Zinc, while Vedanta owns almost 65%. "As far as Hindustan Zinc is concerned, we always believe in and operate in perfect manners of corporate governance, so (there is) no deviation on that count," Hindustan Zinc Chief Executive Arun Misra told CNBC-TV18 on Monday. Hindustan Zinc has three months from the deal announcement to hold the shareholders' meeting to seek approval for the deal. Hindustan Zinc and Vedanta did not immediately respond to Reuters requests for comment.

☆ India cuts windfall tax on crude, aviation turbine fuel and diesel
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 16 (Reuters) - India has cut its windfall tax on crude oil and exports of aviation turbine fuel and diesel, according to a government notification dated Feb. 15. Windfall tax on crude was cut to 4,350 rupees ($52.60) per tonne from 5,050 rupees per tonne, effective Thursday. The government also cut export tax on aviation turbine fuel to 1.50 rupees per litre from 6 rupees per litre, and reduced export tax on diesel to 2.50 rupees per litre from 7.50 rupees per litre, the notification said. India had in July imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling it cheap at homeThe cuts came as Indian refiners continued to stock up discounted Russian fuel amid a steady increase in domestic consumption. ($1 = 82.7010 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru and Nikunj Ohri in New Delhi; Editing by Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

TAIPEI, Nov 22 (Reuters) - Major Apple Inc (AAPL.O) supplier and iPhone assembler Foxconn (2317.TW) said on Tuesday it had hired Chiang Shang-yi, a former top executive at Taiwanese chipmaker TSMC (2330.TW) and Chinese chipmaker SMIC, to lead its growing push in the chip business. Foxconn, the world's largest contract electronics maker, is best known for assembling iPhones and other Apple products, though in recent years it has been expanding into chips to diversify its business. Chiang previously worked as vice president of research and development at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker. He was more recently the vice chairman of Semiconductor Manufacturing International Corp (0981.HK) (SMIC), the largest and most advanced chipmaker in China. Chiang resigned from his position at SMIC last November, roughly a year after joining the company for the second time.

☆ Foxconn electric vehicle alliance plans boxy three-seater
▼ + stars: | 2022-11-08 | by ( Sarah Wu | ) www.reuters.com time to read: +2 min

TAIPEI, Nov 8 (Reuters) - Foxconn-led (2317.TW) electric vehicle consortium MIH announced plans on Tuesday for its first car, a boxy single row three-seater which it hopes will be popular with one-child families in Asia. Betting on strong demand in Asian markets for smaller electric cars, MIH Consortium plans to build its first car, which it calls Project X, in 2023 and start mass production the following year, though no customers have been confirmed, the company said. "Build your own vehicle with Project X," Cheng said, referring to the car's modular design. MIH is eyeing not only Taiwan, but also India, Thailand, Indonesia and Japan as prospective markets for the three-seater. "The American market tends towards large cars," Cheng told reporters, adding that this model would suit a single-child family.

☆ Foxconn ramps up EV push with stake in U.S. truck maker Lordstown
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Carlos Garcia Rawlins/File PhotoNov 8 (Reuters) - Foxconn, the world's biggest contract electronics maker, has extended its drive into electric vehicle (EV) business with a deal to take a near-20% stake in loss-making U.S. electric truck maker Lordstown Motors Corp (RIDE.O) for up to $170 million. It said on Tuesday the latest deal would deepen Lordstown's ties with Foxconn's EV development platform MIH, or Mobility in Harmony. Lordstown Chief Executive Officer Edward Hightower, speaking via video at an MIH event in Taipei, said the truck maker and Foxconn were eyeing production for other original equipment manufacturers, or OEMs, as well. Foxconn shares traded up 0.5% on Tuesday. Lordstown CEO Hightower said the vehicle maker aims to deliver the first Endurance trucks to customers in the current quarter.

☆ INDIA STOCKS Indian shares set for muted opening; Fed meet in focus
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +3 min

** Adani Ports and Special Economic Zone APSE.NS, India's largest private operator of ports, reported a 69% surge in quarterly profit on Tuesday, driven by strong cargo volumes. ** Sun Pharmaceutical Industries Ltd (SUN.NS) on Tuesday reported a surprise 10.5% rise in second quarter profit led by a surge in sales of specialty drugs. ** IT services provider Tech Mahindra (TEML.NS)reported better-than-expected quarterly profit and revenue on Tuesday, helped by strong demand and the company also declared a special dividend. ** Kansai Nerolac Paints Ltd (KANE.NS)reported a weaker-than-expected rise in second quarter profit on Tuesday, hit by higher input costs and a demand squeeze due to unseasonal rains. ** Voltas Ltd (VOLT.NS)posted a loss for the second quarter on Tuesday, dented by higher expenses and a one-off expense related to a contract termination.

☆ INDIA STOCKS Indian shares seen opening higher to track Asia gains
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, Oct 31 (Reuters) - Indian shares may open higher on Monday, after rising for two consecutive weeks, tracking gains in broader Asia and a fall in oil prices. India's NSE stock futures, listed on the Singapore exchange , were 0.92% higher as of 0242 GMT. The MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.8%. Stocks to watch:** Sugar stocks after India, the world's biggest sugar producer, extended restrictions for export by one year through October 2023, the government said in a notification late on Friday. ($1 = 82.2610 Indian rupees)Reporting by Rama Venkat in Bengaluru;Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ A Foxconn Tesla? Taiwan tech giant targets 5% of EV manufacturing by 2025
▼ + stars: | 2022-10-18 | by ( Sarah Wu | ) www.reuters.com time to read: +3 min

Foxconn Chairman Liu Young-way poses on stage with an electric vehicle, the Model C, during the company's annual Tech Day in Taipei, Taiwan, October 18, 2022. Register now for FREE unlimited access to Reuters.com Register"I hope one day we can do Tesla cars for Tesla." Foxconn is leveraging its "48-year-old roots in ICT manufacturing" to halve EV design times and slash development costs by a third, Liu said. "Despite the challenges of conflict in Europe and COVID globally, Foxconn has maintained our EV strategy," Liu said. "Our heartfelt hope is that Taiwan can seize this once-in-a-hundred years, rare EV business opportunity," Liu said.

☆ Taiwan's Foxconn wants customers to sell 'a lot' of EVs
▼ + stars: | 2022-10-18 | by ( Sarah Wu | ) www.reuters.com time to read: +2 min

The ambition lines up with Taiwan-based Foxconn's (2317.TW) plans to ramp up EV business to help diversify away from its role of assembling consumer gadgets like iPhones for Apple Inc (AAPL.O) and other tech firms. Register now for FREE unlimited access to Reuters.com Register"Foxconn is not in the business of selling its own EV brand. But, yes, we want our customers to sell a lot of EVs," Liu said in pre-recorded remarks. "Our heartfelt hope is that Taiwan can seize this once-in-a-hundred years, rare EV business opportunity." "Despite the challenges of conflict in Europe and COVID globally, Foxconn has maintained our EV strategy," Liu said.

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