Taiwan's Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, the Taiwanese firm said Monday, in a setback to Indian Prime Minister Narendra Modi's chipmaking plans for his country.
The world's largest contract electronics manufacturer signed a pact with Vedanta last year to set up semiconductor and display production plants in Modi's home state of Gujarat.
"Foxconn has determined it will not move forward on the joint venture with Vedanta," a Foxconn statement said without elaborating on reasons.