Apple partner Foxconn said that it will not pursue the joint deal with Vedanta company in India.
Reuters reported that Foxconn will no longer agree to a joint partnership with Indian firm Vedanta over a chip production venture in the country. Initially, it was believed that Foxconn has invested $118.7 million with the firm, which rose up to $19.5 billion. However, a Foxconn spokesperson said that the venture will not continue. There wasn’t any specific reason for the pullout, but the Foxconn rep said that the decision was mutual.
The joint venture will now be fully owned by Vedanta after Foxconn leaves. It’s said that Foxconn has worked with the Indian firm to ‘bring a great semiconductor idea to reality’ for some time. India is becoming the recipient of Apple’s gradual shift of production from China, with Prime Minister Narendra Modi making the project a top priority along with other tech firms.
