India’s Gujarat state is holding talks with Foxconn over a semiconductor plant, a high authorities official instructed Reuters, days after the Taiwanese big broke off a joint-venture plan with India’s Vedanta.
“We’re in contact with a number of potential buyers, together with Foxconn … Gujarat is uniquely positioned to draw high chipmakers,” stated Vijay Nehra, secretary of the science and expertise division in Gujarat.
Foxconn this week exited its venture with Vedanta, which was additionally deliberate for Prime Minister Narendra Modi’s house state of Gujarat, citing points akin to sluggish progress.
The breakup of the JV was a setback for Modi’s imaginative and prescient to determine India as a semiconductor manufacturing hub. Nevertheless, Foxconn stated later it might apply for India chip incentives by itself and was exploring new companions.
Foxconn didn’t instantly reply to a request for remark. Reuters is first to report its talks with Gujarat.
Modi needs to make chipmaking a high precedence in pursuit of a “new period” in electronics manufacturing, however his plan has to date floundered.
Three corporations utilized for incentives final 12 months – the Vedanta-Foxconn JV, Singapore-based IGSS Ventures and world consortium ISMC, which counts Tower Semiconductor as a tech companion — however to date no deal has been sealed.
Explaining the Vedanta break up on Tuesday, Foxconn stated “there was recognition from each side that the venture was not transferring quick sufficient” and there have been different “difficult gaps we weren’t in a position to easily overcome”, with out giving extra particulars.
V. Lee, Foxconn’s consultant in India, wrote on LinkedIn: “Typically, you’ll fly increased when in solo.”
Its talks with Gujarat come weeks after Micron Know-how stated it should make investments as much as $825 million (almost Rs. 6,800 crore) in a semiconductor testing and packaging facility within the state.
© Thomson Reuters 2023
