Foxconn to re-apply for India chipmaking incentives after $19.5 billion JV pullout

[pikkuboss]

Taiwan's Foxconn 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 on a $19.5 billion chipmaking joint venture.

"Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem," the company said.

"Foxconn is working toward submitting an application."

On Monday, Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.

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 details.

"This is not a negative," Foxconn said in a statement.

Foxconn's Taipei listed shares closed up 0.5 percent on Tuesday, underperforming the broader market which ended up 1.5 percent. Vedanta Ltd shares fell as much as 2.6 percent in Mumbai, before paring some losses.

Foxconn to apply for India chipmaking incentives after $19.5 billion JV pullout

On Monday, Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.

www.cnbctv18.com

 

[Vikramaditya-I]

So much a do about nothing. They just don't want Vedanta and are looking for other partners or going alone. So much for the noise made here.

 

[indushek]

So much a do about nothing. They just don't want Vedanta and are looking for other partners or going alone. So much for the noise made here.

Sab paise ka khel hai, partnership me gapla kar diya hoga Vedanta ne.

Foxcon bhi ek tara se Chini log hai na, aur hum sab ko pata hai, ke jab Indian or Chini log biziness karne baithenge to ek dusre se kitna hadaple usme hi rahenge

Upar se tax breaks, pli scheme ke andar land, saala dono me 50/50 ka chakkar chala nahi aur yaha log pagal ho rahe hai

 

[Kuru]

For those who were trolling yesterday, note that Allah is testing you all.

 

[pikkuboss]

For those who were trolling yesterday, note that Allah is testing you all.

Teasing, not testing.