A 5-point explainer on the now-scrapped Vedanta-Foxconn JV
Vedanta and Foxconn had signed agreements in September 2022 to invest $19.5 billion to set up semiconductor and display production plants in Gujarat, the home state of Prime Minister Narendra Modi.
In May this year, the joint venture was reported to be "struggling" to tie up with a technology partner since Foxconn and Vedanta had no semiconductor experience.
Vedanta-Foxconn got on board STMicro for licensing technology, but the government had made clear it wants the European chipmaker to have "more skin in the game", such as a stake in the partnership, news agency Reuters reported in May.
The capital markets regulator SEBI last month fined Vedanta for breaching disclosure rules by publishing a press statement that made it appear it partnered with Foxconn to make semiconductors in India, as the deal was with Vedanta's holding company.
The joint venture comes to an end. Vedanta said it is committed to its semiconductor project and has lined up other partners to set up India's first foundry.
Featured Video Of The Day
IPL, Ratan Tata, BJP & More: What Indians Googled The Most In 2024
Vedanta Chairman Says Their $5 Billion Made-in-India Chip Will Be Ready in 2.5 Years Foxconn Chairman Praises Ecosystem for Semiconductor Chips in India Centre To Separately Assess Proposals Of Foxconn, Vedanta Plants In India 3 Khalistani Terrorists, Who Attacked Punjab Cops, Killed In UP Encounter Bashar Al-Assad's Wife Files For Divorce, Wants To Return To UK: Report "Ran For My Life": Gurgaon Woman Shares Traumatic Experience With Ola Cab Murder-Accused Throws Slipper At Judge In Thane Court Forced Nudity, Sleep Deprivation: How CIA Tortured Prisoners At Black Sites Kerala Removes Biomedical Waste Illegally Dumped In Tamil Nadu Track Latest News Live on NDTV.com and get news updates from India and around the world.