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.
In a statement, Foxconn said it had 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.
"This first-of-its-kind joint venture between the two
companies will support Indian Prime Minister Narendra Modi's vision to create
an ecosystem for semiconductor manufacturing in India," the statement
said.
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.
The company has also 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. © Reuters