Since terminating its joint venture with the Anil Agarwal-led Vedanta recently, Foxconn has not been able to secure a replacement partner for its semiconductor business in India. Young Liu, Chairman & CEO of Foxconn, said the electronics giant is committed to supporting India’s semiconductor industry and will continue to collaborate closely with Vedanta in many other industries, particularly in the expanding fiber sector, according to CNBC TV18. Young Liu was speaking at the ongoing Semicon India conference.
A brief about for its semiconductor project, Foxconn has not yet found a new partner
Foxconn, according to Liu, has complete faith in India’s ability to become a significant market and a manufacturing powerhouse in the near future and plans to invest more than $2 billion there over the next five years.
Regarding Vedanta, Liu stated that despite the joint venture’s failure, Foxconn is still committed to keeping a close working connection with the business.
As seen by their recent joint ventures in the fiber industry, the two organizations are looking into prospects for collaboration in a variety of industries.
Foxconn, the manufacturer of the iPhone, terminated its $19.5 billion joint venture with Vedanta earlier this month.
The Vedanta-Foxconn JV, which was announced in September of last year, was one of the big transactions made possible by India’s production-linked incentive program.
Anil Agarwal, the CEO of Vedanta, announced on Friday that the business has identified a “world-class” technology partner for its semiconductor plant in India and is in the final stages of negotiations.
Agarwal stated that Vedanta is totally dedicated to producing semiconductors and display fab while speaking at the same occasion as Liu.
The “best of friends” relationship between Foxconn and Agarwal’s company has not soured, according to Agarwal, despite the JV’s cancellation earlier this month. He clarified that the JV’s failure to succeed was due to visual disparities.
“We were searching for a technological relationship. Foxconn believed they would enjoy working with an upstream partner. As more and more partners step forward, we’ll likely announce something in three to four months. We are initially looking for land and determining its viability,” Agarwal stated at the occasion.
Agarwal stated that the company is completely dedicated to creating semiconductors for which it has lined up partners after terminating the collaboration with Foxconn.
