Minister Says Foxconn Exit Won't Hit Goals: "India Just Getting Started"

Vedanta and Foxconn had signed agreements last September to set up semiconductor and display production plants in Gujarat.

The decision of Taiwan's Foxconn to withdraw from a $19.5 billion chip-making venture with Vedanta will have no impact on India's goals in the semiconductor space, Union Minister Rajeev Chandrasekhar has said. ➡️This decision of Foxconn to withdraw from its JV wth Vedanta has no impact on India's #Semiconductor Fab goals. None.➡️Both Foxconn n Vedanta have significant investments in India and are valued investors who are creating jobs n growth.➡️It was well known that both… https://t.co/0DQrwXeCIr

Mr Chandrasekhar, Minister for State for Electronics and IT, said in a Twitter post yesterday that both companies did not have any prior experience in the semiconductor manufacturing sector.

"Its 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 wth appropriate technology partners in Semicon n Electronics (sic)," the minister added.