Skip to main content

Foxconn-Vedanta Deal Ends. Both Found New Partners Say Sources: 10 Facts

By
Foxconn-Vedanta Deal Ends. Both Found New Partners, Say Sources: 10 Facts

Foxconn has pulled out of a JV to make chip with Vedanta

New Delhi: Taiwan's Foxconn leaving a key $19.5 billion joint venture with Vedanta will not affect India's semiconductor programme, Union Minister Ashwini Vaishnaw told NDTV today. Foxconn in a statement said the decision to end the joint venture was mutual.

Here's your 10-point cheatsheet to this big story

  1. Both Foxconn and Vedanta have no prior chip-making experience or technology. They were expected to source it from a technology partner.

  2. "Both Foxconn and Vedanta are committed to Prime Minister Narendra Modi's Make In India policy and India's semiconductor programme. Foxconn withdrawing from the joint venture with Vedanta will have no impact on India's semiconductor programme," said Mr Vaishnaw, the Union Information Technology Minister.

  3. Vedanta and Foxconn had signed agreements in September 2022 to invest $19.5 billion to set up semiconductor and display production plants in Gujarat, the home state of PM Modi.

  4. In May this year, the joint venture was reported to be "struggling" to tie up with a technology partner.

  5. Both companies have now found their technology partners, people with direct knowledge of the matter told NDTV.

  6. Vedanta and Foxconn had got on board STMicro for licensing technology, but the government had made clear it wanted the European chipmaker to have "more skin in the game", such as a stake in the partnership, news agency Reuters reported in May.

  7. The capital markets regulator SEBI also last month fined Vedanta for breaching disclosure rules by publishing a press statement that made it appear it partnered with Foxconn to make semiconductors in India, as the deal was with Vedanta's holding company.

  8. As the joint venture comes to an end, Vedanta said it is committed to its semiconductor project and has lined up other partners to set up India's first foundry.

  9. "It was well known that both companies had no prior semiconductor experience or technology and were expected to source technology from a partner," Union Minister Rajeev Chandrasekhar tweeted.

  10. Vedanta today said it has redoubled efforts to fulfil PM Modi's vision for semiconductors and affirmed that India remains pivotal in repositioning global semiconductor supply chains.



Post a comment

Adblock test (Why?)



from NDTV News- Special https://ift.tt/xzlcpZ4 https://ift.tt/UdjfRe3
via IFTTT

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

US Defense Chief Austin To Make 'Full Recovery' From Cancer: Doctors

By
Austin, a 70-year-old career soldier, initially underwent minor surgery to treat cancer on December 22. Washington: US Defense Secretary Lloyd Austin is likely to make a "full recovery" from prostate cancer and his prognosis is "excellent," two doctors said after he was seen at Walter Reed hospital for a follow-up appointment. Austin controversially kept US President Joe Biden in the dark about the cancer diagnosis for weeks, and did not inform either the commander-in-chief or Congress until days after he was hospitalized on January 1 for complications from his treatment. "Secretary Austin was seen today at Walter Reed National Military Medical Center for a scheduled post-prostatectomy surveillance appointment," the doctors said in a statement released by the Pentagon. "He continues to recover well and is expected to make a full recovery. Secretary Austin's prostate cancer was treated early and effectively, and his prognosis is excellent,...
Post a Comment
Read more

Republic Day Updates: Macron Chief Guest As Delhi Hosts Parade Amid Dense Fog

By
Adblock test (Why?) from NDTV News- Special https://ift.tt/yqj8XDV https://ift.tt/zHpGab4 via IFTTT
Post a Comment
Read more

North Korea Says It Tested New Strategic Cruise Missile

By
North Korea test-fired a new generation of strategic cruise missile on Wednesday. (Representational) Seoul: North Korea fired several cruise missiles towards the Yellow Sea on Wednesday, Seoul's military said, the latest in a series of tension-raising moves by the nuclear-armed state. Hours later, North Korea appeared to confirm the firing, saying it had carried out its first test of a new generation of strategic cruise missiles it is developing, the Pulhwasal-3-31. Pyongyang has accelerated weapons testing in the new year, including tests of what it called an "underwater nuclear weapon system" and a solid-fuelled hypersonic ballistic missile. "Our military detected several cruise missiles launched by North Korea towards the Yellow Sea at around 7:00 am today," the South Korean Joint Chiefs of Staff said in a statement. Unlike their ballistic counterparts, the testing of cruise missiles is not banned under current UN sanctions against Pyongyang. Cruise...
Post a Comment
Read more