Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Monday said Taiwanese electronics manufacturer Foxconn’s decision to pull out of the Vedanta joint venture has no impact on India’s semiconductor fabrication plant goal.
“This decision of Foxconn to withdraw from its JV with Vedanta has no impact on India’s Semiconductor Fab goals. None,” Chandrasekhar said in a tweet.
“It was well known that both companies had no prior semicon experience or Technology and were expected to source Fab tech from a Tech partner. While their JV VFSL had originally submitted a proposal for 28nm fab, they could not source an appropriate Tech partner for that proposal,” he further said.
“It’s not for govt to get into why or how two private companies choose to partner or choose not to, but in simple terms it means both companies can & will now pursue their strategies in India independently, and with appropriate technology partners in Semicon n Electronics India’s strategy of catalyzing Semiconductor Ecosystem has seen rapid progress in the 18 months since PM Modi ji approved Indias Semicon strategy n policy,” the Minister added.
Foxconn has decided to pull out of the semiconductor joint venture with Indian conglomerate Vedanta.
