Foxconn Withdraws From $19.5 Billion Chip Venture With India’s Vedanta

(Nikkei Asia) — Taiwanese electronics manufacturer Foxconn on Monday said it has pulled out of a joint venture (JV) with Indian mining conglomerate Vedanta Ltd. to produce semiconductors locally, dealing a blow to New Delhi’s efforts to make India a chipmaking hub.

The two companies last year announced a $19.5 billion investment to manufacture semiconductors and display units in Prime Minister Narendra Modi’s home state of Gujarat in western India.