Taiwan's Foxconn said on Monday it had withdrawn from a joint venture with conglomerate Vedanta , in a blow to Indian Prime Minister Narendra Modi's chipmaking plans.
are deadlocked. Vedanta-Foxconn had got on board STMicro for licensing technology, but India's government had made clear it wants the European chipmaker to have "more skin in the game", such as a stake in the partnership, a source with direct knowledge of the matter said.
Vedanta for breaching disclosure rules by publishing a press release that made it appear it had partnered with Foxconn to make semiconductors in India, as the deal was with Vedanta's holding company.Vedanta chip JV, without specifying a reason. "Foxconn has determined it will not move forward on the joint venture with Vedanta," it said, saying it had worked for more than a year on the project but the two sides had mutually decided to end the JV.
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