Within days of terminating its agreement with Vedanta Limited, Taiwan’s Foxconn, officially known as Hon Hai Technology Group, is planning to make fresh applications to the Indian government seeking eligibility under incentive schemes for setting up semiconductor and display fabrication plant in the country, a company statement said on Thursday, July 13.
“Foxconn is working toward submitting an application related to Modified Programme for Semiconductors and Display Fab Ecosystem. We have been actively reviewing the landscape for optimal partners," Foxconn said in the statement.
By applying for a separate chip manufacturing unit in India, Foxconn is planning to seek benefit of incentives that India is offering semiconductor manufacturing policy.
Elaborating on aborting its joint venture with Vedanta, Foxconn said that ‘both sides acknowledged that the project was not moving fast and there were other challenging gaps we were not able to smoothly overcome. This is not a negative’.
“We entered India in 2006 and we are still here,” the statement said.
The company is in active talks with local and international partners for establishing semiconductor production in India with the help of mature chip manufacturing technology.