India poised to deny funding for Vedanta-Foxconn chip venture: Report

The Indian government is poised to deny crucial funding for Anil Agarwal’s chip venture, Bloomberg News reported on Tuesday, a setback to the billionaire’s ambition to build India’s ‘own Silicon Valley.’

The authorities are likely to inform the venture between Vedanta and Taiwan’s Foxconn that it won’t get incentives to make 28-nanometer chips, the report said, citing people familiar with the matter.

The venture’s application seeking billions in government assistance hasn’t met the criteria set by the government, the report said. The project is still in search of a technology partner and a manufacturing-grade technology license for the construction of 28nm chips, it added.