Vedanta-Foxconn chipmaking plans delayed in hunt for a third partner

A joint venture (JV) between India’s Vedanta and Taiwan’s Foxconn announced its chipmaking plans in Gujarat in September 2022. The $19.5 billion chip-making plan was expected to be “an important step” in boosting India’s chipmaking ambitions. However, things haven’t gone as planned as the JV continues its search for a third tech partner. According to a report by Reuters, Vedanta-Foxconn got STMicroelectronics on board for licensing technology. But, the government wants the European chipmaker to have “more skin in the game” – such as a stake in the partnership.

The report notes that STMicro is not interested in that deal and the talks remain in limbo. “From STM’s perspective, that proposal doesn’t make sense because it wants “the India market to first be more mature,” the report added.