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Foxconn Says It Will Pursue Its Semiconductor Fab Manufacturing Plan In India By Submitting A New Application
A Foxconn plant. (Wikimedia Commons)
Taiwanese electronic manufacturing behemoth Hon Hai Technology Group (popularly known as Foxconn) on Tuesday (July 11) said that it plans to submit another application under the modified Production-Linked Incentive (PLI) scheme of India for semiconductors, a day after it announced that it was terminatings its joint venture (JV) with India's metal-to-mining conglomerate Vedanta Group to build a $19.5 billion semiconductor plant in Gujarat.
“Foxconn is working toward submitting an application related to the ‘Modified Programme for Semiconductors and Display Fab Ecosystem,’” the firm said in press release today.
“We understand there is a lot of interest in Foxconn’s plans and India’s information ecosystem is porous,” the company said, adding that it maintained open lines of communication with the government leading up to the breakdown of the deal. “However, due to the competitive and sensitive issues involved in negotiating large scale investments, Foxconn is unable to disclose more information at this time.”
“We welcome a diverse set of stakeholders, both inside India and abroad, who also want to see India get to the next level and can complement Foxconn’s world class supply chain management and manufacturing efficiency,” the company said. “Building fabs from scratch in a new geography is a challenge, but Foxconn is committed to invest in India,” it added.
Vedanta has also announced that it would forge ahead with its fab plant by partnering with others.
“We will continue to grow our Semiconductor team, and we have the license for production-grade technology for 40nm [chips] from a prominent Integrated Device Manufacturer (IDM),” the company said. “India remains pivotal in repositioning global semiconductor supply chains.”
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