Foxconn to pursue independent application for semiconductor manufacturing unit in India
New Delhi, July 11: Foxconn, the Taiwanese electronics manufacturing giant, has revealed its plans to independently apply for the establishment of a semiconductor manufacturing unit in India. In a statement, the company stated that it is actively assessing potential partners for the project and reviewing the landscape for optimal collaborations.
This announcement comes after Foxconn's recent decision to withdraw from a USD 19.5 billion joint venture with Vedanta Ltd, led by mining baron Anil Agarwal.
The joint venture faced challenges in securing a technology partner for chip production, which is utilised in various devices ranging from mobile phones to refrigerators and cars. As a result, Foxconn opted to explore separate avenues for semiconductor manufacturing in India.
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The move highlights Foxconn's commitment to expanding its presence in the Indian market and tapping into the country's growing semiconductor industry. By submitting an application under the Modified Programme for Semiconductors and Display Fab Ecosystem, Foxconn aims to establish a robust semiconductor manufacturing ecosystem in India.
As the company actively evaluates potential partners, it seeks to secure collaborations that will bolster its capabilities in semiconductor production and meet the evolving demands of the Indian market. This strategic decision marks a significant step towards Foxconn's goal of enhancing its local manufacturing capabilities and contributing to the government's vision of making India a global hub for electronics manufacturing.
Foxconn's move to independently pursue a semiconductor manufacturing unit aligns with the broader objective of attracting investment in the Indian semiconductor sector and reducing reliance on imports.
With India's growing consumer electronics market and the government's focus on local manufacturing through initiatives like the "Make in India" campaign, the establishment of a robust semiconductor ecosystem holds immense potential for technological advancement and job creation in the country.
The company's decision to withdraw from the joint venture with Vedanta signifies its determination to forge ahead and explore new opportunities to contribute to India's semiconductor industry. Through its independent application and subsequent partnerships, Foxconn aims to leverage its global expertise and technological prowess to bolster domestic semiconductor manufacturing capabilities, driving innovation and economic growth in India.
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- With inputs from agencies
