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Vedanta had to rework its foray into semiconductors after Foxconn pulled out of its $19.5 billion chipmaking project.

Earlier this week, Foxconn called off the chipmaking joint venture with Anil Agarwal-controlled Vedanta Group and said it intends to apply for incentives under the government’s semiconductor production plan separately.

On July 7, Vedanta Group Ltd announced that its board of directors has approved the acquisition of 100% of Vedanta Foxconn Semiconductors Pvt Ltd.

Move comes after the company pulled the plug on a JV worth $19.5b

Company confirmed that both JV partners have mutually agreed to part ways as project was not moving fast enough

The move comes after the firm announced its decision to withdraw from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta.

   new delhi, a day after announcing withdrawal from its chip-making jv with indian conglomerate vedanta, foxconn on tuesday said it is working on plans to apply for incentives under semiconductor and display fab programme, as the cont

Taiwan-based electronics giant Foxconn is backing out of a $19.5 billion semiconductor joint venture with Indian mining conglomerate Vedanta Ltd.

According to a report from Bloomberg, Wistron has committed to shipping iPhones worth at least $1.8 billion (roughly Rs. 14,800 crore) from the factory in the fiscal year through March 2024 to win state-backed financial incentives.

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