Vedanta-Foxconn deal | Semiconductor heat

The Centre as well as the Maharashtra government come under heavy fire from critics as Vedanta-Foxconn shifts its Rs 1.54 lakh crore semiconductor project from the state to poll-bound Gujarat

Nothing could have been more embarrassing for Eknath Shinde, less than three months after he was sworn in as Maharashtra’s chief minister following a political coup that dislodged Uddhav Thackeray—the state has lost India’s biggest-ever corporate investment in a greenfield project to neighbouring Gujarat. The Rs 1.54 lakh crore semiconductor project, a joint venture (JV) between Taiwanese firm Foxconn and the Anil Agarwal-led Vedanta Group, slipped out of Maharashtra’s grasp just as it was in the final stages of negotiations with the investors. None of Shinde’s assurances of bringing in more investments in the future will douse the fire of allegations that the state government was “lethargic” in the matter and that the investment was moved to poll-bound Gujarat at the behest of the BJP-led NDA government at the Centre.