{"id":344017,"date":"2023-07-10T13:21:00","date_gmt":"2023-07-10T13:21:00","guid":{"rendered":"https:\/\/haftavasool.com\/haftavasool\/blog\/2023\/07\/10\/foxconn-pulls-out-of-vedanta-india-chip-plan-a-timeline\/"},"modified":"2023-07-10T13:21:00","modified_gmt":"2023-07-10T13:21:00","slug":"foxconn-pulls-out-of-vedanta-india-chip-plan-a-timeline","status":"publish","type":"post","link":"https:\/\/haftavasool.com\/haftavasool\/blog\/2023\/07\/10\/foxconn-pulls-out-of-vedanta-india-chip-plan-a-timeline\/","title":{"rendered":"Foxconn Pulls Out Of Vedanta India Chip Plan: A Timeline"},"content":{"rendered":"

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\"Foxconn<\/div>\n<\/div>\n

New Delhi: <\/b><\/p>\n

Taiwan’s Foxconn said on Monday it had withdrawn from a joint venture with conglomerate Vedanta, in a blow to Prime Minister Narendra Modi’s chipmaking plans.<\/p>\n

Here is a timeline of how events have unfolded since the signing of the $19.5 billion joint venture:<\/p>\n

* Feb. 14, 2022: Foxconn partners with Vedanta to make semiconductors in India in a bid to diversify its business. Foxconn said it will be “a significant boost to domestic manufacturing of electronics in India”.<\/p>\n

* Sept. 13, 2022: Vedanta and Foxconn sign pacts to invest $19.5 billion to set up semiconductor and display production. PM Modi’s home state Gujarat is selected for the facilities.<\/p>\n

* Sept. 14, 2022: Vedanta’s Anil Agarwal says the Indian metals-to-oil conglomerate does not see funding problems for the JV.<\/p>\n

* May 19, 2023: Deputy IT minister Chandrasekhar tells Reuters the JV “struggling” to tie up with a technology partner.<\/p>\n

* May 31, 2023: Reuters reports that Vedanta-Foxconn JV proceeding slowly as talks to involve STMicroelectronics are deadlocked. Vedanta-Foxconn had got on board STMicro for licensing technology, but India’s government had made clear it wants the European chipmaker to have “more skin in the game”, such as a stake in the partnership, a source with direct knowledge of the matter said.<\/p>\n

* June 30, 2023: India market regulator fines Vedanta for breaching disclosure rules by publishing a press release that made it appear it had partnered with Foxconn to make semiconductors in India, as the deal was with Vedanta’s holding company.<\/p>\n

* July 10, 2023: Foxconn drops Vedanta chip JV, without specifying a reason. “Foxconn has determined it will not move forward on the joint venture with Vedanta,” it said, saying it had worked for more than a year on the project but the two sides had mutually decided to end the JV.<\/p>\n

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n<\/div>\n

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[ad_1] New Delhi: Taiwan’s Foxconn said on Monday it had withdrawn from a joint venture with conglomerate Vedanta, in a blow to Prime Minister Narendra Modi’s chipmaking plans. 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 […]<\/p>\n","protected":false},"author":1,"featured_media":344018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[150154,277575],"_links":{"self":[{"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/posts\/344017"}],"collection":[{"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/comments?post=344017"}],"version-history":[{"count":0,"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/posts\/344017\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/media\/344018"}],"wp:attachment":[{"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/media?parent=344017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/categories?post=344017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/haftavasool.com\/haftavasool\/wp-json\/wp\/v2\/tags?post=344017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}