Taiwanese electronics giant Foxconn referred to ‘challenging gaps’ for its withdrawal from the deal
TAIPEI” Taiwanese electronics giant Foxconn withdrew from a $19.4 billion deal with India’s Vedanta to make semiconductors in the South Asian nation owing to “challenging gaps”, it announced Tuesday.
The world’s top iPhone assembler signed an agreement in September with Vedanta to set up a chip factory — which would also produce display screens for phones and tablets — in India’s Gujarat state.
The plan was to boost New Delhi’s self-reliance in the technology supply chain, given that semiconductors are an essential component of nearly all modern electronics — powering everything from coffee machines to electric cars.
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