Foxconn to independently apply for chip manufacturing incentives

New Delhi, July 12 (KNN) After pulling out from chip-making JV with Vedanta, Foxconn on Tuesday announced its plans to apply for incentives under semiconductor and display fab programme.

The Taiwanese electronics manufacturing company has said that it remains committed to investments in India, reported TOI.

It has been actively reviewing landscape for best suitable partners.

“We welcome a diverse set of stakeholders, both inside India and abroad, who also want to see India get to the next level and can complement Foxconn’s world-class supply chain management and manufacturing efficiency,” Foxconn said in a statement on Tuesday.

“Foxconn is working toward submitting an application related to modified programme for semiconductors and display fab ecosystem,” it said.

Further the company said that it sees the country successfully establishing a robust semiconductor manufacturing ecosystem.

“On its decision to pull out of the JV with Vedanta, Foxconn said both parties mutually agreed to part ways. “This is not a negative. There was recognition from both sides that the project was not moving fast enough, there were challenging gaps that we were not able to smoothly overcome, as well as external issues related to the project. ”

On reports citing the withdrawal as a negative example of the group’s investment integrity, Foxconn asserted “that is absolutely not the case.”  (KNN Bureau)