Foxconn exits chip-making joint venture in India with Vedanta

India’s big push for semiconductor manufacturing took a hit on Monday when contract manufacturer Hon Hai Precision, better known as Foxconn, said it is pulling out from a planned semiconductor joint venture with Indian firm Vedanta.

“Foxconn is working to remove the Foxconn name from what now is a fully owned entity of Vedanta,” the company said in a statement to the Taiwanese stock exchange.

Foxconn further said that both companies had worked towards building a semiconductor building facility in India for a year but had mutually decided to part ways in order to explore “more diverse development opportunities.”

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