Foxconn junks Rs 1.61 lakh crore Vedanta chip plan, Vedanta says other investors lined up

Taiwanese electronics manufacturer Foxconn said on Monday it has withdrawn from a joint venture with billionaire Anil Agarwal-led Vedanta Ltd, which was set up to produce semiconductors in India.

“Foxconn has determined it will not move forward on the joint venture with Vedanta,” a Foxconn representative said in response to DH’s query seeking comment.

“Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta. Foxconn has no connection to the entity and efforts to keep its original name will cause confusion for future stakeholders,” the spokesperson said.