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☆ India's Vedanta hits over 1-year low after Moody's downgrades parent
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

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

☆ 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

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

☆ 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

☆ India's Vedanta says it's awaiting govt nod for semiconductor plant in Gujarat
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

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

☆ Foxconn-Vedanta JV split credit negative for UK conglomerate- CreditSights
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

[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

☆ India's Gujarat in talks with Foxconn for its semiconductor plant
▼ + stars: | 2023-07-12 | by ( Sumit Khanna | ) www.reuters.com time to read: +2 min

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

☆ India's Vedanta to enter the chip market this year after Foxconn split
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

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

☆ India's Vedanta slips after Foxconn pulls out of semiconductor JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 11 (Reuters) - India's Vedanta (VDAN.NS) fell over 2% on Tuesday, a day after Taiwan's Foxconn (2317.TW) said it withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate. The companies partnered last year to set up semiconductor and display production plants in Gujarat state. S&P Global Ratings said that Vedanta's planned semiconductor business does not increase immediate liquidity pressure, adding that it believes there is no immediate sizable funding commitment for the semiconductor project, pending government approval. The Securities and Exchange Board of India (SEBI), the country's market regulator, had imposed a 3 million rupee($36,430.76) fine nearly two weeks ago on Vedanta for disclosure requirement violations regarding the Foxconn venture. Shares of Vedanta fell as much as 2.6% to 275 rupees apiece, after having already fallen over 24% as of last close, since the partnership was announced in February last year.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Varun Vyas, Dhanya Ann Thoppil, Sonia Cheema Organizations: Reuters, Indian, Securities, Exchange Board of India, Vedanta, Thomson Locations: BENGALURU, Gujarat, Bengaluru

☆ 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

SummarySummary Companies Mines minister says agreement with Vedanta Resources imminentVedanta says both parties want to sees mines in productionNAIROBI/LUSAKA, July 5 (Reuters) - Zambia is close to resolving a dispute with Vedanta Resources (VEDJB.UL) over its Konkola Copper Mines, with a deal over the future of the partly state-owned unit "imminent", its mines minister said. KCM has battled to attract investment since relations between Zambia and Vedanta broke down several years ago, culminating in the state's take-over of the KCM assets and forced liquidation in May 2019. The move triggering protracted legal battles, with Vedanta approaching an arbitration court in London to fight off the seizure of the copper assets. "The negotiations are advanced and an announcement is imminent," Zambia's Mines Minister Paul Kabuswe told Reuters. "We are concerned with the levels of deterioration of not only the mines but also socio-fabric of the workers," the spokesperson told Reuters.

Persons: KCM, Vedanta, Paul Kabuswe, Kabuswe, Situmbeko Musokotwane, Hakainde Hichilema, Anil Agarwal, Felix Njini, Chris Mfula, Jan Harvey Organizations: Mines, Vedanta, Vedanta Resources, Zambia's Mines, Reuters, Mining, Thomson Locations: NAIROBI, LUSAKA, Zambia, London, Africa's, Nairobi, Lusaka

[1/2] Visitors stand next to a "Make In India" logo during a three-day semiconductor event in Bengaluru, India, April 30, 2022. They were from the Vedanta-Foxconn JV; a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner; and from Singapore-based IGSS Ventures. SETBACK FOR VEDANTAMost of the world's chip output is limited to a few countries like Taiwan, and India is a late entrant. Amid much fanfare, in September, the Vedanta-Foxconn JV announced its chipmaking plans in Gujarat. Modi called the $19.5 billion plan "an important step" in boosting India's chipmaking ambitions.

Persons: Munsif, India's Modi, Taiwan's Foxconn, Narendra Modi, IGSS, Rajeev Chandrasekhar, Modi, Foxconn, STMicro, Chandrasekhar, David Reed, Aditya Kalra, Jane Lanhee Lee, Steven Scheer, Nick Zieminski Organizations: Visitors, REUTERS, Companies, Intel, India's Vedanta, Vedanta, IGSS Ventures, JV, Reuters, Orbit, Foxconn JV, Twitter, Thomson Locations: India, Bengaluru, DELHI, OAKLAND , California, Singapore, Gujarat, Taiwan, New Delhi, Oakland , California

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.

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