Apple Supplier Foxconn Backs Out of a $19.5 Billion India Chip Project

Lead Apple supplier and global manufacturing powerhouse Foxconn has pulled out of a $19.5 billion joint venture project with Indian conglomerate Vedanta
that would have brought semiconductor and display manufacturing to the Indian state of Gujarat.

“Foxconn has determined it will not move forward on the joint venture with Vedanta,” the Taiwanese company told CNBC. The move is a significant blow to Indian Prime Minister Narendra Modi’s ambitions to transform the country into a global, high-tech manufacturing powerhouse.

Foxconn said the decision was by “mutual agreement,” but that it remained “confident” about India’s semiconductor ambitions. Vedanta did not respond to a request for comment.

Read the source article at CNBC