Foxconn says it is exiting an ambitious project to help build one of India’s first chip factories.
The world’s largest contract electronics maker will “no longer move forward” with its $19.4 billion joint venture with Vedanta\n \n , an Indian metals and energy conglomerate, in Asia’s third largest economy, it said Monday. The news was seen as a blow to the Indian government’s plans to turn the country into a tech manufacturing powerhouse, even as officials have sought to counter that view.
Foxconn said last year it was actively scouting for locations for the plant and held discussions with “a few state governments.” Looking for opportunities Foxconn CEO Young Liu has in recent months courted Indian partners, having traveled there in February to seek new collaborators.
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