Daily Management Review

Foxconn pulls out of $20B semiconductor project


The Times of India write that Vedanta has added new partners and is still dedicated to the project.

According to the Times of India, Taiwan's Foxconn has withdrawn from a joint venture with Indian company Vedanta to develop semiconductors valued at close to $20 billion.

The joint venture is now entirely controlled by Vedanta, according to the Taiwanese business.

"Attempts to keep the original name of this legal business will confuse potential shareholders because Foxconn is not tied to it. According to an agreement between the parties, Foxconn has decided to look into other business development prospects and will no longer be participating in the joint venture with Vedanta."

Vedanta said that it has secured additional partners and that it is still dedicated to the notion of carrying out the project to create semiconductors.

source: indiatimes.com