Separation of Foxconn and Vedanta will not affect production, Chandrasekhar said – both will work independently

Foxconn has decided to exit the semiconductor joint venture with Indian conglomerate Vedanta. Regarding this, the country's Minister of State for Electronics and IT, Rajeev Chandrasekhar has issued an official statement. He said Taiwan's electronics maker Foxconn's decision to pull out of the Vedanta joint venture will have no impact on India's semiconductor fabrication plant target. What is the whole news, let's know.
"Foxconn's decision to pull out of its joint venture with Vedanta will have no impact on India's semiconductor fab targets," Rajeev Chandrasekhar, minister of state for electronics and IT, tweeted. Let us tell you that Vedanta Foxconn JV had announced to set up India's first electronic chip manufacturing unit in Gujarat with an investment of about US $ 1.5 trillion.
To this, Chandrasekhar tweeted, "It is not the job of the government why or how two private companies choose or choose not to partner, but in simple words, it means that both the companies can now independently pursue their strategies in India." can move forward and will move forward with the right technology partner in Semicon N Electronics."
The Union Minister of State further said that both Foxconn and Vedanta have significant investments in India and are valuable investors, creating jobs and growth. The minister said, “It was well known that both the companies had no prior semicon experience or technology and were expected to get the fab tech from the tech partner. While their JV VFSL originally submitted a proposal for 28 nm fabs, they couldn't find a suitable tech partner for that proposition."
He added that Vedanta through JV VFSL has recently submitted a 40 nm fab proposal backed by a technology licensing agreement from a global Semicon major - which is currently being evaluated by the government's Semicon India Tech Advisory Group.