Foxconn yet to find a new partner for its semiconductor project: Report

Foxconn, which recently called off its joint venture with Anil Agarwal-led Vedanta, has not found a new partner for its semiconductor venture in India. While attending the ongoing Semicon India conference, Young Liu, Chairman & CEO of Foxconn,  said that the electronics giant is committed to contribute to India's semiconductor sector and will continue to work closely with Vedanta in many other industries, particularly in the growing fibre sector, CNBC TV18 reported.

Liu added that Foxconn has full faith in India's potential as a vital market and manufacturing hub in the near future and said that it will invest over $2 billion in the country over the next five years.

On Vedanta, Liu said although the joint venture did not materialise, Foxconn remains committed to maintaining a close working relationship with the company.

The two entities are exploring collaborative opportunities in various sectors, exemplified by their recent joint ventures in the fibre industry.

Earlier this month, iPhone maker Foxconn pulled out of its joint venture with Vedanta, which was worth $19.5 billion.

The Vedanta-Foxconn JV, which was announced last September, was one of the significant deals under the production-linked incentive scheme of India.

On Friday, Vedanta boss Anil Agarwal said that the company has found a “world-class” technology partner for its semiconductor unit in India and is in the process of finalising things.

Speaking at the same event as Liu, Agarwal said that Vedanta is fully committed to manufacture semiconductors and display fab.

Agarwal too said that his company and Foxconn remain the "best of friends", indicating no acrimony after the JV was scrapped earlier this month. He elaborated that the JV did not work out due to differences in vision.

"We were looking for a partnership for technology. Foxconn felt they would like to be a downstream partner. Many other partners are now coming forward and we should make an announcement in three or four months. Initially, we are acquiring land and checking feasibility," Agarwal said at the event.

After breaking the venture with Foxconn, Agarwal said the company is 100 per cent committed to producing semiconductors for which it has lined up partners.

Also read: Vedanta will soon have a tech partner for its semiconductor unit: Anil Agarwal at 'Semicon India 2023'

Also read: Vedanta Q1 results: Net profit falls 40% to Rs 2,640 cr; firm declares interim dividend of Rs 18.5/share

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