Foxconn Dumps Rs 1.5 Lakh Crore Vedanta Deal In Setback For India's Chip Plan

Foxconn, the world's largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Gujarat.

Taiwan's Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with India's metals-to-oil conglomerate Vedanta, it said on Monday in a setback to Prime Minister Narendra Modi's chipmaking plans for the country.

Foxconn, the world's largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in PM Modi's home state - Gujarat.

"Foxconn has determined it will not move forward on the joint venture with Vedanta," a Foxconn statement said without elaborating on the reasons.