Vedanta's semiconductor plan invalid after Foxconn's exit
Hon Hai Technology Group, also known as Foxconn, earlier this month pulled out of the joint venture with Vedanta's $19.5 billion chip project.
Vedanta Group's application for semiconductor manufacturing has become invalid after the exit of Taiwanese electronics manufacturing major Foxconn and the company is yet to submit a fresh application, an official source said.
According to the source, Vedanta has not shared any information about a new technology partner that it needs to rope in for semiconductor manufacturing. "Vedanta needs to re-apply for semiconductor manufacturing. Meity (Ministry of Electronics and IT) has no information about their new technology partner," the official source said.
had re-applied under a modified semiconductor plan with Foxconn as a joint venture partner.
Hon Hai Technology Group, also known as Foxconn, earlier this month pulled out of the joint venture with Vedanta's $19.5 billion chip project and said it intends to apply for incentives under the government's semiconductor production plan.
After Foxconn's pullout, Vedanta said it has lined up partners and will begin a foray into chip-making this year.
Vedanta Semiconductors and Display Global MD Akarsh K Hebbar had said that the company has a partnership with Innolux for the display fab and is waiting for the government's nod to its application.
When contacted about the company's semiconductor project, Hebbar said, "Substantial progress has happened to tie up technology and equity partners in semiconductors and we will make an announcement soon."