Foxconn Dropping Out of $19.5 Billion Joint-venture With Vedanta Won’t Impact India: Ashwini Vaishnaw – News18

Foxconn’s withdrawal from its $19.5 billion semi conductor joint-enterprise with Vedanta may have no affect on India, Union Minister Ashwini Vaishnaw mentioned.

Speaking solely to Network 18, Vaishnaw assured that “both the companies are completely committed to India’s semiconductor mission and Make In India push.”

This comes as Taiwan’s Foxconn introduced its withdrawal from a $19.5 billion three way partnership with Indian metals-to-oil conglomerate Vedanta, in a serious setback to the federal government’s chipmaking ambitions.

This comes after Opposition leaders proceed to take a dig on the BJP-led authorities at centre over the problem.

Shiv Sena chief Aditya Thackeray in a tweet mentioned, “this project, as we’ve said many times earlier, was completely feasible in Maharashtra. The Govt of Maharashtra must also clarify why, even after illegal cm announcing in the assembly, and dcm meeting them, this project shifted from a highly feasible location- Pune district to Gujarat suddenly.”

“This is a loss for India, and Maharashtra could have propelled this growth story for India,” Thackeray added.

Apart from him, Rajya Sabha MP Priyanka Chaturvedi also commented on the issue saying, “taking it away from Maharashtra to Gujarat – which by experts wasn’t conducive for semiconductor industry, inability to raise funds as expected has led to the collapse of an idea before it even began. Such a tragedy.”

Joining the refrain, Congress chief Jairam Ramesh has additionally hit out on the Modi authorities and mentioned “Remember the publicity at the time of announcing the project? Gujarat CM even claimed 1 lakh jobs will be created!

“This has been the fate of many MOUs signed in Vibrant Gujarat summits year after year, and will be the fate in other such copycat summits like Global Investor Summits in UP. Whether Gujarat Model or ‘New India’ never trust the manufactured headlines,” he added.

This comes Taiwan-based Hon Hai Technology Group, Foxconn, put out an official statement in which it said, “in order to explore more diverse development opportunities, according to mutual agreement, Foxconn has determined it will not move forward on the joint venture with Vedanta,”.

“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). India remains pivotal in repositioning global semiconductor supply chains,” Vedanta added.