Taiwan’s Foxconn said on Monday it is pulling out of a joint venture with metals-to-oil conglomerate Vedanta Ltd that was set up to produce semiconductors from India.
Foxconn and Vedanta signed a pact last year to invest $19.5 billion to set up semiconductor and display production plants in the western state of Gujarat, seeking to tap into the country’s plans to become an electronics major.
“Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta,” the electronics manufacturer said in a statement.
Vedanta did not immediately respond to a request for comment.
Discover the stories of your interest
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
