Foxconn pulls out of Rs 1.5 lakh crore semiconductor joint venture with Vedanta:  Foxconn and Vedanta Update

the technology giant and contract electronics manufacturing firm, has pulled out of the semiconductor joint venture project with Vedanta, PTI has reported.In a statement, Foxconn said it is “working to remove the Foxconn name from Vedanta’s wholly owned entity”Vedanta and Foxconn Update

Hon High Technology Group (Foxconn) said, “Foxconn has no relation to the entity and efforts to retain its original name will cause confusion for future stakeholders.”

Global contract electronics maker Foxconn and Vedanta had last year entered into an agreement to build a semiconductor and display manufacturing plant in Gujarat with an investment of around Rs 1.5 lakh crore.

In a statement on Monday, Foxconn said, “As per mutual agreement, in order to explore more diversified growth opportunities, Foxconn has decided not to proceed on the joint venture with Vedanta.”

For more than a year, Hon’ble High Technology Group (Foxconn) and Vedanta have worked hard to bring a great semiconductor idea to reality, the statement said. It has been a fruitful experience that can strengthen both the companies going forward.

It added, “Foxconn is confident of the direction of India’s semiconductor development. We will continue to strongly support the government’s ‘Make in India’ ambitions and establish various local partnerships that will address the needs of stakeholders.

However, giving a statement on the issue, Union Railway Minister Ashwini Vaishnav said, “Both Foxconn and Vedanta companies are committed to India’s semiconductor mission and Make in India programme.”

You are here:English NewsTechnologyFoxconn acquires sprawling 1.2 million sq ft site in Bengaluru for over Rs 1 billion
Foxconn acquires huge 1.2 million sq ft site in Bengaluru for over Rs 1 billion
Foxconn has been producing Apple handsets at its facility in the southern state of Tamil Nadu, as part of its operations in India. Apart from Foxconn, two other Taiwanese suppliers, Wistron and Pegatron, are also involved in the manufacturing and assembly of Apple devices in India.

Foxconn, the world’s largest contract electronics maker and a major assembler of Apple iPhones, has bought a huge plot of land in Devanahalli, located near the airport in India’s tech hub Bengaluru. The acquisition, which is spread over 1.2 million square meters (equivalent to 13 million square feet), was disclosed in a filing to the London Stock Exchange on Tuesday. The move is part of Foxconn’s strategy to expand its production capabilities outside China, where strict COVID regulations have made operations more difficult.

In March, the Chief Minister of the state of Karnataka, Basavaraj S. Bommai announced that Apple would set up a new facility to manufacture iPhones in the state, which would create around 100,000 job opportunities. A timeline for the start of production was not specified, but it was stated that it would be in the near future.

Foxconn, 1.2 million sq ft site, Bengaluru

Foxconn acquires huge 1.2 million sq ft site in Bengaluru for over Rs 1 billion
Last month, Bloomberg News, citing unnamed sources, reported that Foxconn intended to invest $700 million in a new plant in Karnataka. In a statement, Young Liu, chairman of Foxconn, revealed that he visited the state to strengthen partnerships and explore opportunities for cooperation in emerging areas such as semiconductor development and electric vehicles. During his visit, he met Prime Minister Narendra Modi to discuss a range of topics focused on enhancing India’s tech and innovation ecosystem.

Since 2019, Foxconn has been producing Apple handsets at its facility in the southern state of Tamil Nadu, as part of its operations in India. Apart from Foxconn, two other Taiwanese suppliers, Wistron and Pegatron, are also involved in manufacturing and assembly of Apple devices in India.

In an effort to expand its presence in India, Apple recently opened its first two retail stores in the country, with CEO Tim Cook personally inaugurating the outlets. The move underscores Apple’s bullish stance on the Indian market, which boasts a huge population of 1.4 billion and the second largest number of smartphone users in the world, behind only China.

The world’s largest company by market value is expanding its manufacturing operations in India.

In September last year, Apple announced plans to produce its latest flagship model, the iPhone 14, in India soon after its launch. According to Bloomberg, India contributed only seven percent of Apple’s iPhone production last year, lagging behind other countries such as the United States, China and Japan. apple growing

Vedanta Foxconn is an Indian manufacturer of high tech products and services. Vedanta Group was founded by Indian businessman Anil Aggarwal and is active in various industries such as steel manufacturing, energy generation, appliance manufacturing, industrial gases and manufacturing, steel manufacturing and construction, pipeline stability, live water and mining, development and air properties and water management.

Foxconn pulls out of Rs 1.5 lakh crore semiconductor JV with Vedanta

Technology giant and contract electronics manufacturing firm Foxconn has pulled out of the semiconductor joint venture project with Vedanta, PTI has reported.

1.In a statement, Foxconn said it is “working to remove the Foxconn name from Vedanta’s wholly owned entity”.

2.Hon High Technology Group (Foxconn) said, “Foxconn has no affiliation with the entity and efforts to retain its original name will cause confusion for future stakeholders.”

3.Global contract electronics makers Foxconn and Vedanta last year entered into an agreement to build semiconductor and display manufacturing plants in Gujarat with an investment of around Rs 1.5 lakh crore.

4.In a statement on Monday, Foxconn said, “As per mutual agreement, in order to explore more diversified growth opportunities, Foxconn has decided not to proceed on the joint venture with Vedanta.”

5.For more than a year, Hon High Technology Group (Foxconn) and Vedanta have worked hard to bring a great semiconductor idea to reality, the statement said. It has been a fruitful experience that can only strengthen both the companies going forward.

It added, “Foxconn is confident of the direction of India’s semiconductor development. We will continue to strongly support the government’s ‘Make in India’ ambitions and establish various local partnerships that will address the needs of stakeholders.”

However, giving a statement on this issue, Union Railway Minister Ashwini Vaishnav said, ‘Both Foxconn and Vedanta companies are committed to India’s semiconductor mission and Make in India programme.’

You are here:English NewsTechnology Foxconn acquires massive 1.2 million sq ft site in Bengaluru for over Rs 1 billion
Foxconn acquires huge 1.2 million sq ft site in Bengaluru for over Rs 1 billion
Foxconn has been producing Apple handsets at its facility in the southern state of Tamil Nadu, as part of its operations in India. Apart from Foxconn, two other Taiwanese suppliers, Wistron and Pegatron, are also involved in manufacturing and assembly of Apple devices in India.

n March, the Chief Minister of the state of Karnataka, Basavaraj S. Bommai announced that Apple would set up a new facility in the state to manufacture iPhones, which would create around 100,000 job opportunities. No timeline for the start of production was specified, but it was stated that it would be in the near future.

Foxconn, 1.2 million sq ft site, Bengaluru

Foxconn acquires huge 1.2 million sq ft site in Bengaluru for over Rs 1 billion
Last month, Bloomberg News, citing unnamed sources, reported that Foxconn intended to invest $700 million in a new plant in Karnataka. In a statement, Young Liu, chairman of Foxconn, revealed that he visited the state to strengthen partnerships and explore opportunities for cooperation in emerging areas such as semiconductor development and electric vehicles. During his visit, he met Prime Minister Narendra Modi to discuss a range of topics focused on enhancing India’s technology and innovation ecosystem.

Since 2019, Foxconn has been producing Apple handsets at its facility in the southern state of Tamil Nadu, as part of its operations in India. Apart from Foxconn, two other Taiwanese suppliers, Wistron and Pegatron, are also involved in the manufacturing and assembly of Apple devices in India.

Read also: BetterHaff Will Hire 100 Employees, Strengthen Leadership Team

In an effort to expand its presence in India, Apple recently opened its first two retail stores in the country, with CEO Tim Cook personally inaugurating the outlets. The move underscores Apple’s bullish stance on the Indian market, which has a huge population of 1.4 billion and ranks second in the world in terms of number of smartphone users.

Foxconn is the world’s largest contract electronics manufacturer and a major assembler of Apple iPhones.
​ specified, but it was stated that it would be in the near future.Foxconn, 1.2 million sq ft site, Bengaluru

Foxconn acquires huge 1.2 million sq ft site in Bengaluru for over Rs 1 billion
Last month, Bloomberg News, citing unnamed sources, reported that Foxconn intended to invest $700 million in a new plant in Karnataka. In a statement, Young Liu, chairman of Foxconn, revealed that he visited the state to strengthen partnerships and explore opportunities for cooperation in emerging areas such as semiconductor development and electric vehicles. During his visit, he met Prime Minister Narendra Modi to discuss a range of topics focused on enhancing India’s tech and innovation ecosystem.

Since 2019, Foxconn has been producing Apple handsets at its facility in the southern state of Tamil Nadu, as part of its operations in India. Apart from Foxconn, two other Taiwanese suppliers, Wistron and Pegatron, are also involved in manufacturing and assembly of Apple devices in India.

Read also: BetterHaf to Hire 100 Employees, Strengthen Leadership Team

In an effort to expand its presence in India, Apple recently opened its first two retail stores in the country, with CEO Tim Cook personally inaugurating the outlets. The move underscores Apple’s bullish stance on the Indian market, which boasts a huge population of 1.4 billion and the second largest number of smartphone users in the world, behind only China.

The world’s largest company by market value is expanding its manufacturing operations in India.

In September last year, Apple announced plans to produce its latest flagship model, the iPhone 14, in India soon after its launch. According to Bloomberg, India contributed only seven percent of Apple’s iPhone production last year, lagging behind other countries such as the United States, China and Japan. apple growing

Vedanta Foxconn is an Indian manufacturer of high tech products and services. Vedanta Group was founded by Indian businessman Anil Aggarwal and is active in various industries such as steel manufacturing, energy generation, appliance manufacturing, industrial gases and manufacturing, steel manufacturing and construction, pipeline stability, live water and mining, development and air properties and water management.

Foxconn pulls out of Rs 1.5 lakh crore semiconductor JV with Vedanta
Technology giant and contract electronics manufacturing firm Foxconn has pulled out of the semiconductor joint venture project with Vedanta, PTI has reported.

In a statement, Foxconn said it is “working to remove the Foxconn name from Vedanta’s wholly owned entity”.

Hon High Technology Group (Foxconn) said, “Foxconn has no affiliation with the entity and efforts to retain its original name will cause confusion for future stakeholders.”

Global contract electronics makers Foxconn and Vedanta last year entered into an agreement to build semiconductor and display manufacturing plants in Gujarat with an investment of around Rs 1.5 lakh crore.

In a statement on Monday, Foxconn said, “As per mutual agreement, in order to explore more diversified growth opportunities, Foxconn has decided not to proceed on the joint venture with Vedanta.“

For more than a year, Hon High Technology Group (Foxconn) and Vedanta have worked hard to bring a great semiconductor idea to reality, the statement said. It has been a fruitful experience that can only strengthen both the companies going forward.

It added, “Foxconn is confident of the direction of India’s semiconductor development. We will continue to strongly support the government’s ‘Make in India’ ambitions and establish various local partnerships that will address the needs of stakeholders.”

However, giving a statement on this issue, Union Railway Minister Ashwini Vaishnav said, ‘Both Foxconn and Vedanta companies are committed to India’s semiconductor mission and Make in India programme.’

Foxconn is a large global electronics manufacturer headquartered in Taiwan. The company manufactures products such as semiconductors, mobile phones, laptops and televisions for high-growth companies such as Samsung, Apple and MSI. Vedanta and Foxconn have formed a joint venture here called “Vedanta Foxconn”. Through this joint venture, the two companies will manufacture mobile phones and other electronics in India.

About the Author

Reporting by Devendra kuswaha in Bengaluru, , rahul patil in Mumbai; Additional reporting by komal nayak; Editing by samiksha roy and abhilsha desai