Foxconn and Vedanta are close to inducting European chipmaker STMicroelectronics as the technology partner in their proposed semiconductor chip manufacturing unit in India. Foxconn will be the lead partner in the joint venture (JV) that was announced last February. The Vedanta-Foxconn consortium is one of the five applicants seeking government incentives under a $10-billion package announced in December 2021 to promote domestic semiconductor manufacturing.
More About The Development in Semiconductor Manufacturing :
So far, in addition to the Foxconn-Vedanta proposal, the Centre has received five bids to set up semiconductor fabrication units. These include Next Orbit Ventures, which has partnered with Israel’s Tower Semiconductor (Tower has been acquired by Intel but the merger is awaiting regulatory approvals), as well as Singapore-based IGSS Ventures.
Foxconn’s Bullishness on India:
Foxconn, which is one of the largest electronics manufacturing companies in the world, is very “committed to India” and will invest close to $70-80 billion towards chip manufacturing.