India’s Gujarat state is holding talks with Foxconn over a semiconductor plant, a high authorities official instructed Reuters, days after the Taiwanese large broke off a joint-venture plan with India’s Vedanta.
“We’re in contact with a number of potential buyers, together with Foxconn … Gujarat is uniquely positioned to draw high chipmakers,” stated Vijay Nehra, secretary of the science and know-how division in Gujarat.
Foxconn this week exited its challenge with Vedanta, which was additionally deliberate for Prime Minister Narendra Modi’s dwelling state of Gujarat, citing points corresponding to gradual progress.
The breakup of the JV was a setback for Modi’s imaginative and prescient to ascertain India as a semiconductor manufacturing hub. Nonetheless, Foxconn stated later it could apply for India chip incentives by itself and was exploring new companions.
Foxconn didn’t instantly reply to a request for remark. Reuters is first to report its talks with Gujarat.
Modi desires to make chipmaking a high precedence in pursuit of a “new period” in electronics manufacturing, however his plan has thus far floundered.
Three firms utilized for incentives final yr – the Vedanta-Foxconn JV, Singapore-based IGSS Ventures and world consortium ISMC, which counts Tower Semiconductor as a tech accomplice — however thus far no deal has been sealed.
Explaining the Vedanta break up on Tuesday, Foxconn stated “there was recognition from each side that the challenge was not transferring quick sufficient” and there have been different “difficult gaps we weren’t in a position to easily overcome”, with out giving extra particulars.
V. Lee, Foxconn’s consultant in India, wrote on LinkedIn: “Typically, you’ll fly greater when in solo.”
Its talks with Gujarat come weeks after Micron Know-how stated it is going to make investments as much as $825 million (practically Rs. 6,800 crore) in a semiconductor testing and packaging facility within the state.
© Thomson Reuters 2023
