Taiwan’s electronics manufacturing giant, Foxconn, announced on Tuesday that they’re preparing a revised application for the ‘India Semiconductor Mission’. The company reassured its commitment to India and highlighted its established lines of communication with various government stakeholders.
What Happened? In a statement, the Taiwanese electronics manufacturing giant declared its active communication channels with government stakeholders across India and reaffirmed its commitment to the country.
Foxconn stated, “We welcome a diverse set of stakeholders, both inside India and abroad, who also want to see India get to the next level and can complement Foxconn's world-class supply chain management and manufacturing efficiency.”
Despite the keen interest in Foxconn’s strategies, the company chose not to disclose their new partner at this time. Foxconn explained that due to the sensitive nature of large-scale investment negotiations, it cannot reveal further details.
On Monday, Foxconn terminated its joint venture agreement with India’s Vedanta Group. The decision allows Foxconn to pursue more diverse development opportunities. The company had previously teamed up with Vedanta in February 2022 to produce chips and display panels in India, under the government’s strategic India Semiconductor Mission.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.