Taiwanese tech giant Foxconn is planning to apply for incentives under India’s semiconductor manufacturing policy separately soon after its exit from a joint venture with 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 in a statement.
It also plans to welcome a diverse set of stakeholders, both inside India and abroad to establish local partnerships.
Foxconn said it sees the country successfully establishing a robust semiconductor manufacturing ecosystem. It explained that building fabs from scratch in a new geography is a challenge, but it was still committed to invest in India.
We have been working on such challenges and want to "strongly" support the government’s ‘Make in India’ mission, the company said.
Speaking on the withdrawal from the Vedanta joint venture, Foxconn said both the companies had “mutually agreed” to part ways due to challenging gaps and the move must not be considered "negative”.
It clarified that it has not injected any capital or fixed assets in the joint venture.
Vedanta has also said it will go ahead with the project with "full commitment".
"We have lined up other partners to set up India’s first foundry. We will continue to grow our Semiconductor team, and we have the license for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer," Vedanta said.
