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Foxconn, Vedanta to manufacture semiconductors in India

Vedanta Ltd. has tied up with Hon Hai Technology Group to make semiconductors locally after India announced incentives for chip companies to boost domestic production.

The two companies agreed to set up a joint venture for the project, with Foxconn to invest $118.7 million and hold a 40% share, the iPhone assembler said. Vedanta Chairman Anil Agarwal will be the chairman of the venture, which is aimed at meeting massive demand from the local electronics industry.

Discussions are on with a few state governments to finalise the location of the plant, the statement said.

CT Bureau

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