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14 Feb 2022
iPhone Supplier Foxconn Partners with Vedanta to Manufacture Chips in India
The Index Today
Foxconn announced on Monday that it is collaborating with prominent Indian firm Vedanta Ltd. to manufacture semiconductors in India. This comes as the Taiwan-based company looks to diversify its investment portfolio in the face of a global chip shortage triggered by the ongoing COVID-19 pandemic.
Foxconn is set to invest $118.7 million to establish a joint company with Vedanta where it would own 40% of shares, with the majority of shares accounted for by the latter.
In a statement, Foxconn said, "This first-of-its-kind joint venture between the two companies will support Indian Prime Minister Narendra Modi's vision to create an ecosystem for semiconductor manufacturing in India."
The Taiwanese conglomerate has been expanding its commercial operations of late with ventures in the electric vehicles (EVs) and semiconductors sectors.