Foxconn news: Foxconn Chairman speaks to Prime Minister Modi, MeitY and Vedanta Group
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Liu’s visit comes a day after ET reported that the contract phone maker for Apple was looking at making electric vehicles in India as part of a larger diversification plan to expand its Asian manufacturing supply chain beyond China.
“I welcome their (Foxconn’s) plans for expanding electronics manufacturing capacity in India, including in semiconductors. Our push for EV manufacturing is in line with our commitment of Net Zero Emission,” PM Modi said in a Twitter post on June 23.
In addition to meeting the PM, Liu also met the Minister for Electronics & Information Technology, Ashwini Vaishnaw and Minister of State for Electronics & Information Technology Rajeev Chandrasekhar.
“He (Liu) expressed keen interest in electronics manufacturing, semiconductors and EV in India,” Vaishnaw said in a tweet.
The Foxconn Chairman also called on Vedanta Group’s Global Managing Director of Display & Semiconductor Business, Akarsh Hebbar to discuss next steps for their proposed partnership to manufacture semiconductor chips in India, the company said in a statement.
The two companies had signed a MOU in February to form a joint venture company in India where
will hold 60% of the equity while Foxconn will own 40%.
“This is the first joint venture in the electronics manufacturing space after the announcement of GOI’s PLI Scheme for semiconductors and display manufacturing,” the companies said. “Vedanta is planning to invest around $15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India. The JV will look at setting up a semiconductor manufacturing plant in the next two years.”
The statement added that Vedanta and Foxconn are in discussions with some state governments, to finalise the location of the semiconductor unit soon. The partnership is aiming to arrest the electronic component import bill of around $100 billion in the coming years.
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