Foxconn was supposed to execute a $19.5 billion semiconductor joint venture with metals to oil conglomerate Vedanta.
Foxconn and Vendanta had signed a MoU in 2022 to establish semiconductor and display production parts in Gujarat, the home state of PM Modi.
“Foxconn has determined it will not move forward on the joint venture with Vedanta,” the company said in a statement, without elaborating over the matter.
It maintained that the withdrawal matter is settled between the two companies.
Vedanta is yet to react to the development.
–IANS
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