From India's Vedanta slips after Foxconn pulls out of semiconductor JV
Foxconn's withdrawal from the project deals a blow to Indian Prime Minister Narendra Modi's chipmaking plans in the country, which had become a top priority for India's economic strategy in pursuit of a "new era" in electronics manufacturing.
S&P Global Ratings said that Vedanta's planned semiconductor business does not increase immediate liquidity pressure, adding that it believes there is no immediate sizable funding commitment for the semiconductor project, pending government approval.a 3 million rupee fine nearly two weeks ago on Vedanta for disclosure requirement violations regarding the Foxconn venture.
Shares of Vedanta fell as much as 2.6% to 275 rupees apiece, after having already fallen over 24% as of last close, since the partnership was announced in February last year.Our Standards:
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Timeline: Foxconn withdraws from $19.5 bln Vedanta chip plan in IndiaTaiwan's Foxconn said on Monday it had withdrawn from a joint venture with conglomerate Vedanta , in a blow to Indian Prime Minister Narendra Modi's chipmaking plans.
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