Shulou(Shulou.com)11/24 Report--

CTOnews.com July 10 news, according to Reuters reports, Foxconn (Hon Hai Precision) announced this evening that it will withdraw from the joint venture established with Indian metal oil group Vedanta, which originally planned to produce semiconductors in India.

According to people familiar with the matter, Foxconn withdrew because the Indian government questioned its application for a chip production incentive plan. Foxconn and Vedanta did not immediately respond to media requests for comment.

CTOnews.com organizes the schedule of Foxconn India chip project as follows:

February 14, 2022: Foxconn and Vedanta announce that they will collaborate to produce semiconductors in India to diversify their business. Foxconn said it would "greatly boost domestic electronics manufacturing in India."

September 13, 2022: Vedanta and Foxconn sign an agreement to invest $19.5 billion (CTOnews.com notes: currently about RMB 140.985 billion) to build semiconductor and display production lines. Gujarat, home of Indian Prime Minister Narendra Modi, was chosen as the site for the plant.

September 14, 2022: Anil Agarwal, chairman of Vedanta, said the company did not believe there was a funding problem with the joint venture.

May 19, 2023: Chandrasekhar, India's deputy minister of information technology, says the joint venture is "working hard" with technology partners.

May 31, 2023: Progress on the joint venture between Vedanta and Foxconn is slow due to stalled negotiations involving STMicroelectronics. Sources said the joint venture had partnered with STMicroelectronics to obtain technology licenses, but the Indian government had made it clear it wanted STMicroelectronics to "participate in more games," such as holding shares in partnerships.

June 23, 2023: Indian Minister of Information Technology and Telecommunications Ashwini Vaishnaw stated that Foxconn and its local partner Vedanta had been asked to submit application documents again, and the Indian government would evaluate the new proposal according to the new proposal.

June 30, 2023: India's market regulator fined Vedanta for publishing press releases showing it had partnered with Foxconn to produce semiconductors in India, a deal with Vedanta's holding company, in violation of disclosure rules.

July 10, 2023: Foxconn withdraws from its chip joint venture with Vedanta, for unspecified reasons. The company said only that the project had been underway for more than a year, but that the two sides had jointly decided to terminate the joint venture.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.