From a failed $20 billion joint venture to stalled projects, India's dreams of becoming a chipmaking powerhouse are off to a bad start
India has big plans to boost its chipmaking industry, but the country is already meeting setbacks.
On Monday, Taiwan's Foxconn — best known for being a major parts supplier to Apple — said it's withdrawing from a signed an agreement in February 2022"Foxconn has determined it will not move forward on the joint venture with Vedanta," the company, known as Hon Hai Technology Group in Taiwan and China, said in aFoxconn said the two companies had worked for over a year to bring"a great semiconductor idea to reality," but have mutually agreed to end the JV, which is now...
Foxconn did not explain why it exited the JV. The company did not immediately respond to a request for comment from Insider. that concerns over delays for approvals of incentives contributed to Foxconn's decision to abandon the venture in Gujarat, the home state of Prime Minister Narendra Modi. The breakup is seen as a setback to Modi's ambition for India to become a key player in the global chip supply chain amid the geopolitical tensions in the Taiwan Straits.
India already has an existing chipmaking industry, but Taiwan — which China claims as its territory — produces a vast majority of the world's chips.However, India's chip manufacturing expansion plans have been moving slowly.A $3 billion venture under global consortium ISMC — which counts Israel's Tower Semiconductor as a partner — has stalled, as Tower is in the process of being
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