Foxconn, India's star recruit for semiconductor manufacturing, quits
Taiwanese tech manufacturer Hon Hai Technology Group, aka Foxconn, said on Monday it is withdrawing from a $19.5 million semiconductor and display manufacturing joint venture with Indian mining and power generation company Vedanta.released on the Taiwan Stock Exchange, Foxconn said the decision to not move forward on the joint venture was mutual and that is was"working to remove the Foxconn name from what now is a fully owned entity of Vedanta.
"Foxconn is confident about the direction of India's semiconductor development. We will continue to strongly support the government's 'Made In India' ambitions and establish a diversity of local partnerships that meet the needs of stakeholders," added the Taiwanese org.a subsidy scheme to lure semiconductor manufacturers to its shores.
The nation's offer to Foxconn and Vedanta was unarguably generous. Sweeteners included defraying the cost of building chip plants on Indian soil,a 40 percent capital subsidy, cheap electricity for ten years, tax breaks, paying 50 percent of the cost to build a desalination plant, subsidized access to water, up to 200 acres of land subsidized by 75 percent, reimbursement of stamp duty and registration fees, and more.
No major semiconductor player chose to participate. While Foxconn and Vedanta did sign up, neither has experience in the field. While India has bootstrapped tech industries, semiconductor giants' seeming disinterest in the scheme was notable.
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