Foxconn dumps $19.5 bln Vedanta chip plan in blow to India
Reuters was the first to announce that Foxconn, Taiwan's leading contract electronics maker, had decided to back out of a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta. This was a major blow to Prime Minister Narendra Modi's chipmaking plans for India. According to Reuters, the source revealed that New Delhi had raised several questions about the cost estimates provided to request incentives from India's government, and delays in incentive approval also played a role in Foxconn's decision to withdraw.0
