Foxconn withdrew from its semiconductor joint venture with India's Vedanta after being asked to resubmit documents

CTOnews.com, July 10 (Reuters)-Foxconn (Hon Hai Precision) said in a statement today that it would withdraw from a joint venture with Indian metal oil group Vedanta, which had planned to produce semiconductors in India.

▲ Tuyuan PexelsCTOnews.com previously reported that Foxconn and Vedanta signed an agreement last year to invest $19.5 billion (CTOnews.com Note: currently about 140.985 billion yuan) to build semiconductor and display production plants in the western Indian state of Gujarat.

However, the project has been stagnant for a variety of reasons. In late June, Indian Minister of Information Technology and Telecommunications Ashwini Vaishnaw said that Foxconn and its local partner Vedanta in India had been asked to submit application documents again, and the Indian government would evaluate it on the basis of the new proposal. At that time, foreign media analysts believed that this statement was aimed at the subsidy application for the joint venture between Foxconn Group and Vedanta to build the first semiconductor factory in India.

Foxconn said in a statement today that it was "working to remove Foxconn's name from entities that are now wholly owned by Vedanta."