Apple supplier Foxconn has decided to withdraw from a $19.5B joint venture project with Vedanta in India.

 

Apple supplier Foxconn has decided to withdraw from a $19.5B joint venture project with Vedanta in India.  Foxconn had been working with Vedanta, a metals-to-oil conglomerate, for over a year to bring the semiconductor plant to fruition.  Foxconn signed an agreement with Vedanta in 2022 to build semiconductor and display production plants in Gujarat, India. On Monday, Foxconn announced it had ended the joint venture without providing a specific reason, saying the decision was mutual. While Foxconn has been expanding its operations in India, the joint venture with Vedanta would have been one of its largest investments. Despite the setback, Vedanta said it remains committed to the semiconductor fab project and is seeking new partners. The decision comes amid increasing pressure from U.S. companies, including Apple, for their suppliers to diversify their supply chains away from China. Foxconn is still moving forward with the construction of other factories in India, including plants in Telangana and Bengaluru.