Foxconn breaks deal with Vedanta, announces exit from semiconductor chip deal
Vedanta's efforts to make chips in the country have now come to an end. This evening big news related to Vedanta Limited has come. In this, the Foxconn company has withdrawn itself from the semiconductor joint venture. It is believed that this will have an impact on Vedanta shares. The company was formed to make joint venture semiconductors.
Vedanta Limited's plan to make semiconductors in India has suffered a major setback. Taiwanese company Foxconn on Monday announced that it is exiting a joint venture (JV) with Vedanta. It established production for semiconductors in India. According to a Reuters report, the Taiwanese company said, "Vedanta is currently working to remove the Foxconn name from the company. Foxconn is no longer associated with the company." If they retain the original name, it may lead to confusion among the stakeholders.
Let us tell you that today i.e. in Monday's session, shares of Vedanta closed at Rs 282.25 on BSE.
According to the report, the company has expressed confidence in India's semiconductor development. The company will fully support the "Make in India" campaign of the Government of India. Vedanta said it will work with local partners to meet the needs of its stakeholders. Foxconn and Vedanta last year signed a deal to invest $19.5 billion to build a semiconductor and display production plant in Gujarat.
For more than a year, Foxconn and Vedanta have worked hard for the semiconductor, said a company statement. It has been a fruitful experience that can strengthen both companies going forward.
