Apple iPhone assembler Foxconn to make chips in India with Vedanta

On Monday, Taiwan’s Foxconn said it had partnered with Indian conglomerate Vedanta to fabricate semiconductors in India, as the semiconductor giant looks to diversify its business amid a global chip shortage.

Reuters:

Foxconn, the world’s largest contract electronics manufacturer and a major Apple supplier, has expanded into areas including electric vehicles (EVs) and semiconductors in recent years.
In a statement, Foxconn said it had signed a memorandum of understanding with oil-to-metals group Vedanta to make semiconductors, calling it “a significant boost to domestic manufacturing of electronics in India.”
Foxconn said it would invest $118.7 million to set up a joint venture company with Vedanta, which would be the majority shareholder of the new venture. Foxconn would hold 40% of the venture’s shares, it added.

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