Foxconn announced its 40-60 percent joint venture partnership with business house Vedanta to make semiconductors in India.
Foxconn, the world’s largest contract electronics manufacturer and a major Apple supplier, has expanded into areas including electric vehicles (EVs) and semiconductors in recent years.
Foxconn said it signed a memorandum of understanding with oil-to-metals group Vedanta to make semiconductors, calling it a significant boost to domestic manufacturing of electronics in India.
Foxconn said it would invest $118.7 million to set up a joint venture company with Vedanta, which would be the majority shareholder of the new venture. Foxconn would hold 40 percent of the venture’s shares, it added.
The Taiwan company has in recent years counted semiconductors among its core businesses and last year formed a partnership with Yageo to make semiconductor chips, following a global chip shortage that has rattled producers of goods from cars to electronics.
Foxconn has in recent years announced plans to become a major player in the global EV market, and has said it was in talks with related foundries on possible collaboration to make chips for EVs.