Foxconn Submits Application to Develop Semiconductor Fabrication plant in India

Foxconn has applied for the development of a semiconductor fabrication facility in India. The MoS for Electronics and IT, Rajeev Chandrashekar, announced it in a written reply to Lok Sabha on Wednesday. The minister also stated that Foxconn submitted its application under the modified scheme for setting up semiconductor factories in India.

This development happened after Foxconn’s exit from a joint venture (JV) with Vedanta Group to establish a chip plant in India. The joint venture had plans to set up a USD 19.5 billion semiconductor fabrication plant in India.

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To stimulate the production of semiconductors and electronics, the government has implemented several strategies, such as encouraging substantial investments in electronic goods and appliances and facilitating exports.Besides, the new innovations in the semiconductor market will bolster the sector in India.

Recently, a trust retention agreement was signed for Micron’s USD 2.75 billion semiconductor fabrication plant project.Apart from this, the government is expecting an additional USD 12 billion investment in semiconductor manufacturing.

Details About Foxconn and Vedanta Joint Venture

Initially, in February 2022, Foxconn and Vedanta announced a USD 19.5 billion joint venture to build a semiconductor and display production plant in Gujarat, India. This was seen as a major step in India's ambition to become a chipmaker. The venture, which was named Vedanta Foxconn Semiconductors Private Limited, was planned to be 60% owned by Vedanta and 40% by Foxconn.

However, in June 2023, Foxconn withdrew from the joint venture by mutual agreement. Both parties cited challenges in moving the project forward quickly enough. Even though the ambitious partnership between Foxconn and Vedanta didn't work out, this new project will make Foxconn a major player in the Indian semiconductor market.

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