iPhone maker Foxconn to make semiconductors in India with Vedanta
Zee News
Foxconn said it had partnered with Indian conglomerate Vedanta Ltd to make semiconductors in the South Asian country, as the electronics giant looks to diversify its business amid a global chip shortage.
New Delhi: Taiwan`s Foxconn said on Monday it had partnered with Indian conglomerate Vedanta Ltd to make semiconductors in the South Asian country, as the electronics giant looks to diversify its business amid a global chip shortage.
Foxconn, the world`s largest contract electronics manufacturer and a major Apple supplier, has expanded into areas including electric vehicles (EVs) and semiconductors in recent years.
In a statement, Foxconn said it had signed a memorandum of understanding with oil-to-metals group Vedanta to make semiconductors, calling it "a significant boost to domestic manufacturing of electronics in India."
Foxconn said it would invest $118.7 million to set up a joint venture company with Vedanta, which would be the majority shareholder of the new venture. Foxconn would hold 40% of the venture`s shares, it added.
"This first-of-its-kind joint venture between the two companies will support Indian Prime Minister Narendra Modi`s vision to create an ecosystem for semiconductor manufacturing in India," the statement said.