Foxconn said on Tuesday it plans to submit an application to access incentives under India’s semiconductor manufacturing policy even as the Taiwanese giant has pulled out of the nation’s flagship $19.5 billion joint venture with local conglomerate Vedanta.
“Foxconn is working toward submitting an application related to the ‘Modified Programme for Semiconductors and Display Fab Ecosystem.’ We have been actively reviewing the landscape for optimal partners,” the company said Tuesday in a statement.
“We welcome a diverse set of stakeholders, both inside India and abroad, who also want to see India get to the next level and can complement Foxconn’s world-class supply chain management and manufacturing efficiency.”
The statement follows Foxconn confirming on Monday that it had ended its partnership to make chips with Vedanta in a move that analysts said was a setback to India’s aggressive ambitious plan to become a semiconductor manufacturing hub.
More to follow.
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