Foxconn Partners With Vedanta To Make Chips In India

Share post:

Foxconn has announced a partnership with Indian company Vedanta, which will produce semiconductors in India.

Under the deal, Foxconn will invest $118.7 million to create a joint venture with Vedanta which will be the main shareholder in the new company. Foxconn would hold 40% of the shares.

“This first-of-its-kind joint venture between the two companies will support Indian Prime Minister Narendra Modi’s vision to create an ecosystem for semiconductor manufacturing in India,” Foxconn said in a statement.

Foxconn, the world’s largest contract electronics maker, is using this strategy to invest its revenues in other areas, including electric vehicles (EVs) and semiconductors.

Foxconn, a major Apple supplier in 2021, has partnered with Yageo Corp to make semiconductor chips, and the company said it was in talks with related foundries to make chips for EVs.

For more information, read the original story in Reuters.


Related articles

CrowdStrike update causes global IT outages, fix is available

Some airlines, banks and government services around the world have been affected by a faulty software update for...

Charges dismissed in SolarWinds hacking case

A judge has dismissed most of the Securities and Exchange Commission's (SEC) fraud charges against SolarWinds related to...

Canadian is among foreign nationals pleading guilty to involvement with Lockbit ransomware

Two foreign nationals have pleaded guilty in the US District of New Jersey to their involvement in the...

Amazon cracks down on workers tapping in in for coffee

Amazon is intensifying its crackdown on employees who circumvent its return-to-office requirements. Reports from Business Insider indicate that...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways