iPhone maker Foxconn partners with Vedanta to manufacture semiconductors in India

Foxconn, the world’s largest contract electronics manufacturer and a major supplier of Apple, has partnered with Vedanta Group to manufacture semiconductors in India. Foxconn plans to diversify its business amid a worldwide shortage of semiconductors. In recent years, Foxconn has expanded into segments such as Electric Vehicles (EV).

Foxconn It has been told in a statement issued by the company that the company has signed an agreement with Vedanta Group for business ranging from oil to metals. This is expected to boost electronics manufacturing in the country. Foxconn said that it will invest $ 11.87 million (about Rs 900 crore) to form a joint venture company with Vedanta. Vedanta will have a major stake in this company. Foxconn will get 40 percent holding. “This is the first such joint venture between the two companies. It will create an ecosystem for semiconductor manufacturing in the country,” the statement said.

Taiwan’s Foxconn sees good potential in the semiconductors segment. Last year it joined hands with Yageo to make semiconductors. Many automobile and electronics companies are facing difficulties due to shortage of semiconductors. This has affected the production. Tesla, the world’s largest electric car company, has also had to reduce production due to a shortage of semiconductors. Tata Motors, one of the world’s largest automobile companies, has also reduced production of some of its models due to shortage of semiconductors. This has also increased the wait for the customers. semiconductors Most of the manufacturing companies are in Asia. To tackle this problem, there have been some major investment deals in the semiconductor business in recent months.

Foxconn is also preparing to expand its presence in the EV market. Foxconn has said that it is in talks with a few firms to make chips for EVs. Incentives are also being given by the central government for the manufacturing of semiconductors in India. Because of this, some global companies have taken interest in setting up semiconductor plants in the country.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)<!–

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