Taiwan’s Hon Hai Technology Group, popularly known as Foxconn, has decided to withdraw from its joint venture with India’s Vedanta Group in the semiconductor sector. Foxconn clarified that this move does not imply a complete departure from India’s semiconductor industry but rather stems from a shared understanding to explore diverse development opportunities.
Despite this development, both Foxconn and Vedanta affirm their commitment to India’s semiconductor mission and the “Make in India” initiative. Minister for Electronics and Information Technology, Ashwini Vaishnaw, highlighted this commitment in a brief statement shared on Twitter.