Young Liu, the chairman of Foxconn, met with Rajeev Chandrasekhar, the minister of state for electronics and information technology, Ashwini Vaishnaw, the minister of communications, electronics, and information technology (MeitY), and Prime Minister Narendra Modi on his tour to India.
Foxconn Chairman Addresses Prime Minister Modi, MeitY and Vedanta Group
As part of a proposed agreement between Foxconn Group and Vedanta Group to establish semiconductor manufacturing in India, Liu also met with Akarsh Hebbar, global managing director, display and semiconductor business, Vedanta Group. The two companies had signed a memorandum of understanding (MoU) in February 2022 to form a joint venture company in India where Vedanta will hold 60 per cent of the equity while Foxconn will own 40 per cent.
The discussion with the Prime Minister takes place as Foxconn prepares to increase its manufacturing presence in India to include semiconductors and electric cars in addition to electronics (EVs).
Meanwhile, Vedanta is planning to invest around $15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India. Also, the JV will look at setting up a semiconductor manufacturing plant in the next two years. The partnership is aiming to arrest the electronic component import bill of around $100 billion in the coming years.
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