Vedanta and Foxconn form JV to manufacture semiconductors in India

Chip shortage is leading new facilities coming up globally. Now Vedanta and Foxconn have joined together to set up one in India.

Key points to note –

  • A new JV has been set up where Vedanta will hold majority and Hon Hai Technology Group (also known as Foxconn) will hold minority.
  • Quantum of investment, entity structure, focus areas, location and timelines as for now are not disclosed.
  • This is the 1st JV after the Indian government had announced Rs 76,000 crore PLI scheme for semiconductors and display board in December 2021, to be spent over the next 5-6 years.
  • Immediately after the PLI announcement, Vedanta Group in January 2022 had announced it’s intent to commit $15 bn towards this initiative.
  • The Hon Hai Technology Group is a multi-billion Taiwanese electronics contract manufacturer, known for making Apple’s iPhones and other popular products. It ranks first globally in the field of electronic manufacturing services (EMS), with a market share exceeding 40 per cent.

This JV seems exciting given the parties involved. Hope that it proceeds ahead in a timely manner and we get to know more details asap.

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