Foxconn pulls out of India chip JV with Vedanta

Foxconn said it is pulling out of a joint venture with Vedanta that was set up to produce semiconductors in India.
Taiwan-based Foxconn and India-based Vedanta signed a pact last year to invest $19.5 billion to set up semiconductor and display production plants in the western state of Gujarat, seeking to tap into the country’s plans to become an electronics major.

“Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta,” the electronics manufacturer said in a statement.

The semiconductor project was proceeding slowly as talks to rope in European chipmaker STMicroelectronics as a partner got deadlocked.