Taiwan's Foxconn said on Monday it had withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.
Foxconn, a major Apple supplier and the world's largest contract electronics maker, has been attempting to break into making chips as it seeks to diversify and expand into the electric vehicle market.Foxconn forms a joint venture with Yageo Corp to expand its presence in the semiconductor industry.Foxconn buys a chip plant from Taiwan chipmaker Macronix International for T$2.52 billion ($80.48 million).
(This story has been corrected to fix the heading to SEPTEMBER 2022 from SEPTEMBER 2023 in paragraph 7)
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