Taiwan's Foxconn said on Tuesday it plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta on a $19.5 billion chipmaking joint venture.
"Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem," the company said.
"Foxconn is working toward submitting an application."
On Monday, Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.
Foxconn said on Tuesday "there was recognition from both sides that the project was not moving fast enough" and there were other "challenging gaps we were not able to smoothly overcome", without sharing details.
"This is not a negative," Foxconn said in a statement.
Foxconn's Taipei listed shares closed up 0.5% on Tuesday, underperforming the broader market which ended up 1.5%. Vedanta Ltd shares fell as much as 2.6% in Mumbai, before paring some losses.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Poll Rules Tweak Makes Electronic Records Harder To Get, Sparks Row
Foxconn Said to Have Approached Nissan to Take Controlling Stake Taiwan's Foxconn Says Global Manufacturing Footprint to Shield it From Trump's Tariffs Apple Said to Be in Discussions With Several Indian Firms to Replace Chinese Suppliers Is Safe Car Enough? Volvo Crash That Killed CEO, Family Sparks Big Question "Nothing Short Of Nightmare": Woman Misses Life Event, Slams Air India Snack Food Epigamia Founder Rohan Mirchandani Dies Of Cardiac Arrest At 41 National Aviation University Hiring Faculty, Salary Up To Rs 2.18 Lakh Man Runs Tractor Over Brother In Karnataka, Then Surrenders To Cops Shield Constitutional Bodies From Political Influence: Top Court Judge Track Latest News Live on NDTV.com and get news updates from India and around the world.