Explained: Why Foxconn-Vedanta divorce is not going to ruin India's happy marriage with semicon

On Monday, Taiwan’s Foxconn announced its decision to back out of a $19.5 billion semiconductor joint venture with Indian conglomerate Vedanta, citing unspecified reasons.

Although this may seem like a massive setback for Prime Minister Narendra Modi’s chipmaking plans for India, it isn’t that big a setback and was something that many industry experts had anticipated. To allay any concerns that may arise of the JV not going forward, Union IT Minister of State, Rajeev Chandrasekhar, put out a tweet stating that Foxconn’s withdrawal from the JV will have no impact on India Semicon.

➡️This decision of Foxconn to withdraw from its JV wth Vedanta has no impact on India's #Semiconductor Fab goals. None.

➡️Both Foxconn n Vedanta have significant investments in India and are valued investors who are creating jobs n growth.

➡️It was well known that both… https://t.co/0DQrwXeCIr

— Rajeev Chandrasekhar