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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

☆ 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

☆ 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

☆ Foxconn's push to break into semiconductor sector
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +2 min

July 11 (Reuters) - Taiwan's Foxconn (2317.TW) said on Monday it had withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta (VDAN.NS), in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Here is a timeline with key moves in Foxconn's efforts to get into chip making:MAY 2021Foxconn forms a joint venture with Yageo Corp (2327.TW) to expand its presence in the semiconductor industry. JUNE 2023Carmaker Stellantis (STLAM.MI) and Foxconn create a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. The joint venture, called SiliconAuto, will supply Stellantis, including its new 'STLA Brain' electronic and software architecture, Foxconn and other customers. JULY 2023Foxconn withdraws from semiconductor joint venture with Vedanta.

Persons: Foxconn, Narendra Modi's chipmaking, Chiang Shang, Taiwan's TSMC, Carmaker, Ben Blanchard, Sonai Paul Organizations: Vedanta, Yageo Corp, Taiwan chipmaker Macronix, Tsinghua, Thomson Locations: India, Taiwan, Indian, Gujarat, Tsinghua Unigroup

TAIPEI/BENGALURU, July 10 (Reuters) - Taiwan's Foxconn said on Monday it has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Foxconn, the world's largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi's home state of Gujarat. "Foxconn (2354.TW) has determined it will not move forward on the joint venture with Vedanta," the electronics maker said in a statement, without elaborating on the reasons. India, which expects its semiconductor market to be worth $63 billion by 2026, last year received three applications to set up plants under a $10 billion incentive scheme. These were from the Vedanta-Foxconn joint venture, a global consortium ISMC which counts Tower Semiconductor (TSEM.TA) as a tech partner and from Singapore-based IGSS Ventures.

Persons: Taiwan's Foxconn, Narendra Modi's chipmaking, Vedanta, Foxconn, Modi, STMicro, IGSS, Munsif, Ben Blanchard, Aditya Kalra, Louise Heavens, Jason Neely, Alexander Smith Organizations: Vedanta, Apple, Reuters, IGSS Ventures, Intel, Thomson Locations: TAIPEI, BENGALURU, India, Gujarat, Singapore, Bengaluru, Taipei, New Delhi

☆ Foxconn withdraws from $19.5 bln Vedanta chip plan in India
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Here is a timeline of how events have unfolded since the signing of the $19.5 billion joint venture:* Feb. 14, 2022: Foxconn partners with Vedanta to make semiconductors in India in a bid to diversify its business. * Sept. 13, 2022: Vedanta and Foxconn sign pacts to invest $19.5 billion to set up semiconductor and display production. * Sept. 14, 2022: Vedanta's Anil Agarwal says the Indian metals-to-oil conglomerate does not see funding problems for the JV. * May 31, 2023: Reuters reports that Vedanta-Foxconn JV proceeding slowly as talks to involve STMicroelectronics (STMPA.PA) are deadlocked. * July 10, 2023: Foxconn drops Vedanta chip JV, without specifying a reason.

Persons: Foxconn, Narendra Modi's chipmaking, Vedanta, Vedanta's Anil Agarwal, Chandrasekhar, Tanvi Mehta, Alexander Smith Organizations: Vedanta, Indian, JV, Reuters, Thomson Locations: DELHI, India, Gujarat

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