Hon Hai Precision (Foxconn) agreed to set up a joint venture with India-based conglomerate Vedanta Group to manufacture chips in the country, with ongoing discussions with some state governments to determine the location of the factory.
In a statement, the Taiwan-headquartered contract electronics manufacturer noted Vedanta will hold a majority interest in the venture and the company’s chair Anil Agarwal will take on the same role in the new business.
Foxconn stated the venture will invest in chip manufacturing facilities to significantly increase domestic output and the move follows initiatives by the Indian government to attract investment and boost domestic device and component manufacturing.
The company was one of 16 to receive funding in an INR450 billion ($6 billion) government incentive scheme in late 2020.
Vedanta is involved in technology businesses through affiliates Avanstrate and Sterlite Technologies, while also operating in industries spanning mining, oil and gas.Subscribe to our daily newsletter Back