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:

Comments

Post a Comment

Popular posts from this blog

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

18-Year-Old Killed By Friends Over Mobile Game Password In Bengal: Cops

By
According to cops, accused "friends" attempted to burn the victim after killing him. (Representational) Kolkata: An argument over sharing the password of an online mobile game allegedly led to the murder of a teenage boy by four of his friends in West Bengal's Murshidabad district, a senior police officer said. The body of 18-year-old Papai Das, who had been missing since January 8, was discovered near Nishindra Ghat of the feeder canal in Farakka on Monday, police said. Papai, a class 10 student, was reportedly killed by his four "close" friends after a disagreement over sharing the password for a mobile online game. The accused individuals have been arrested, police added. "These five individuals used to play online games at one of the quarters of the Farakka Barrage. The victim went out on the evening of January 8 and never returned. On January 9, the family lodged a police complaint. "Based on preliminary investigations, we discovered that...
Post a Comment
Read more

Russian Mercenary Arm Wagner Groups Says Moscow Army Attacked Its Forces

By
Russian mercenary group Wagner said that Moscow attacked on its rear camps. Moscow: The chief of Russian mercenary group Wagner on Friday accused Moscow's military leadership of ordering strikes on their camps and killing a "huge" number of forces. "We were ready to make concessions to the defence ministry, surrender our weapons," Yevgeny Prigozhin said in a furious audio message released by his spokespeople. "Today, seeing that we have not been broken, they conducted missile strikes at our rear camps." (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) Adblock test (Why?) from NDTV News- Special https://ift.tt/J4lDwvL https://ift.tt/w7JfFhE via IFTTT
Post a Comment
Read more