Foxconn to form Indian semiconductors joint venture
The worlds biggest electronics manufacturer has signed an MOU with Indian natural resources conglomerate, Vedanta, to form a joint venture company that will manufacture semiconductors in India.
The joint venture between the two companies will support Indian prime minister Narendra Modi’s efforts to create an ecosystem for semiconductor manufacturing in India.
According to the MOU, Vedanta will hold the majority of the equity in the JV, while Hon Hai Technology Group – otherwise know as Foxconn – will be the minority shareholder. Vedanta Chairman Anil Agarwal will also be the Chairman of the new JV company.
The plan is to invest for the manufacturing of semiconductors – providing a significant boost to domestic manufacturing of electronics in India. Discussions are – according to a press release – currently ongoing with a few state governments to finalise the location of the plant.
Evertiq will provide updates on the new joint venture and the plant as new information becomes available.