Global electronics contract manufacturing major Foxconn‘s top officials met Prime Minister Narendra Modi as the Taiwanese company outlined plans to expand its India operations. It is looking to enter the semiconductor business with Anil Agarwal’s Vedanta Group.
“Glad to meet Young Liu, chairman, Foxconn. I welcome their plans for expanding electronics manufacturing capacity in India, including in semiconductors,” the Prime Minister said in a tweet. “Our push for EV manufacturing is in line with our commitment of Net Zero Emission,” Modi said.
Foxconn chairman Young Liu also met Vedanta Group’s global managing director of display & semiconductor business Akarsh Hebbar to discuss the road map of their proposed chip manufacturing plant and its location.
Vedanta and Foxconn had signed a memorandum of understanding in February to form a joint venture company for India. Vedanta will hold 60% equity in the JV, while Foxconn will own the rest.
“Foxconn chairman Young Liu met Akarsh Hebbar… in New Delhi to discuss the next steps for their proposed partnership to manufacture semiconductor chips in India,” Vedanta said in a statement.
According to sources, both discussed the location of setting up their semiconductor plant, which is expected to be announced soon.