[1/2] A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018.
REUTERS/Danish Siddiqui//File Photo/File PhotoMay 31 (Reuters) - The Indian government is poised to deny crucial funding for Anil Agarwal's chip venture, Bloomberg News reported on Tuesday, a setback to the billionaire's ambition to build India's 'own Silicon Valley.'
The venture's application seeking billions in government assistance hasn't met the criteria set by the government, the report said.
Foxconn declined to comment on the report, while India's technology ministry and Vedanta did not immediately respond to Reuters requests for comment.
"India's own Silicon Valley is a step closer now," Agarwal had said last year after the announcement.
Persons:
Danish Siddiqui, Anil Agarwal's, Taiwan's Foxconn, hasn't, Foxconn, Foxconn –, –, Agarwal, Anusha, Shailesh
Organizations:
Vedanta, REUTERS, Danish, Bloomberg, Hai Precision Industry Co, Thomson
Locations:
Mumbai, India, Gujarat, Bengaluru