Taiwan-based electronics giant Foxconn is backing out of a $19.5 billion semiconductor joint venture with Indian mining conglomerate Vedanta Ltd. India’s government leaders say they aren't too worried about the impact. Hon Hai Technology, known internationally as Foxconn, and Vedanta Limited announced their joint venture to manufacture chips and display panels in India in February 2022. The Ministry for Electronics and Information Technology said Tuesday that both Foxconn and Vedanta have significant investments in India and are creating jobs and growth. Foxconn has been manufacturing Apple iPhones in India and has plans to expand production. Foxconn said it's committed to India, but that getting established will take time.
