In September of last year, billionaire Anil Agarwal’s Vedanta and Foxconn announced the establishment of India’s first electronic chip manufacturing factory in Gujarat with a USD 1.5 lakh crore investment and now this situation he said that there is no impact on India.
No impact on India – Rajeev Chandrasekhar
Rajeev Chandrasekhar, Minister of State for Electronics and IT, stated on Monday that Taiwanese electronics company Foxconn’s decision to exit a joint venture with Vedanta will have no influence on India’s ambition of establishing semiconductor manufacturing plants.
“The decision by Foxconn to terminate its joint venture with Vedanta has no bearing on India’s Semiconductor Fab objectives.” None,” Chandrasekhar remarked in a tweet, adding that both companies are well-known investors who are promoting job creation and large investments in India.
Vedanta, a company supported by billionaire Anil Agarwal, and Foxconn announced in September of last year that they will establish India’s first electronic chip manufacturing facility in Gujarat with an estimated investment of USD 1.5 lakh crore.
Ashwini Vaishnaw, the Union Minister for Electronics and IT, also posted on Twitter to reaffirm Foxconn and Vedanta’s commitment to the Make-in-India initiative and the nation’s semiconductor goal. According to Vaishnaw, “Foxconn and Vedanta are equally committed to India’s semiconductor goal and Manufacture in India program.”
“It is not for government officials to get into why or how the two private businesses choose to partner or decide not to, but in simple terms, it means that both organizations can & will now pursue their approaches in India independently, and with suitable technology,” Chandrasekhar noted.
It was commonly known that neither company had any prior experience with semiconductor technology and that they were required to get their fab technology from a tech partner. Although their JV VFSL had initially submitted a proposal for a 28nm fab, they were unable to find the right tech partner, the minister tweeted.
According to him, Vedanta recently filed a proposal for a 40 nm fab through the joint venture VFSL (Vedanta-Foxconn Semiconductors Limited), which is presently being assessed by the government’s Semicon India Tech Advisory Council. The proposal is supported by a technology license agreement with a global semiconductor giant.
The minister said that in the 18 months after Prime Minister Narendra Modi approved India’s Semicon strategy and policy, the country’s plan for accelerating the semiconductor ecosystem had made tremendous progress.