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New Delhi: After meeting Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> ahead of the <keyword id="21272963" type="General" weightage="100" keywordseo="semicon-india-2024" source="Orion">Semicon India 2024</keyword> Summit, <keyword id="20137945" type="General" weightage="20" keywordseo="sanjay-mehrotra" source="keywords">Sanjay Mehrotra</keyword>, CEO of Micron, appreciated PM Modi's vision of developing semiconductors in India and said policies set up by him to incentivise semiconductor manufacturing in India are also very exciting. "PM Modi's vision to develop semiconductors in India and make it self-reliant is very exciting. The policies set up by him to incentivise semiconductor manufacturing are equally exciting. This is the perfect time for India to develop semiconductors because opportunities will grow with AI. The best is yet to come," Mehrotra said ahead of SEMICON India 2024 Summit. PM Modi will inaugurate SEMICON India 2024 at India Expo Mart, Greater Noida, Uttar Pradesh, today. Earlier on Tuesday, PM Modi chaired Semiconductor Executives' Roundtable at his residence. During the meeting, the Prime Minister said that their ideas will not only shape their business but also India's future. Mentioning that the coming time will be technology-driven, Prime Minister said semiconductor is the basis of the Digital Age and the day is not far "when the semiconductor industry will be the bedrock for even our basic necessities". The Prime Minister emphasised that democracy and technology together can ensure the welfare of humanity and India is moving ahead on this path recognizing its global responsibility in the semiconductor sector. According to an official release, the Prime Minister talked about the pillars of development which include developing social, digital and physical infrastructure, giving boost to inclusive development, reducing compliance burden and attracting investment in manufacturing and innovations. The meeting was attended by CEOs, Heads and representatives of various organisations including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, <keyword id="23116584" type="General" weightage="20" keywordseo="tokyo-electron-ltd" source="keywords">Tokyo Electron Ltd</keyword>, Tower, <keyword id="19920144" type="General" weightage="20" keywordseo="synopsys" source="keywords">Synopsys</keyword>, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power and Kaynes Technology. Also present in the meeting were Professors from Stanford University, University of California San Diego and IIT Bhubaneswar. SEMICON India 2024 is being organised from 11 to 13 September with the theme "Shaping the Semiconductor Future." The three-day conference will showcase India's semiconductor strategy and policy, which envisions making India a global hub for semiconductors. It will witness the participation of top leadership of global semiconductor giants and will bring together global leaders, companies, and experts of the semiconductor industry. The conference will witness participation of more than 250 exhibitors and 150 speakers.

Semicon India 2024: This is perfect time for India to develop semiconductors, says MICRON CEO Sanjay Mehrotra

Global <keyword id="6451058" type="General" weightage="100" keywordseo="semiconductor" source="Orion">semiconductor</keyword> body <keyword id="21260120" type="General" weightage="20" keywordseo="semi" source="keywords">SEMI</keyword> and its peer <keyword id="20317526" type="General" weightage="20" keywordseo="iesa" source="keywords">IESA</keyword> have announced a strategic agreement to boost the industry ecosystem in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, a joint statement said. As part of the agreement, the <keyword id="20764178" type="General" weightage="20" keywordseo="indian-electronics-and-semiconductor-association" source="keywords">Indian Electronics and Semiconductor Association</keyword> (IESA) will become part of the SEMI-- the organiser of Semicon events including <keyword id="22843110" type="General" weightage="20" keywordseo="semicon-india" source="keywords">Semicon India</keyword>. "This partnership will help SEMI grow a strong presence in this critical emerging market and enable both organisations to identify tangible strategies that leverage our combined strengths to enhance supply chain resilience," Ajit Manocha, President and CEO, SEMI said. The agreement was signed on the sidelines of Semicon India 2024, the statement said on Wednesday. This agreement will also pave the way for joint policy advocacy efforts, with IESA and SEMI working closely with both Central and State governments to drive incentives for product development and manufacturing, leveraging key programmes such as the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">Production Linked Incentive</keyword> (PLI) and Design Linked Incentive (DLI) models, it said. "This milestone is a major win for India, SEMI, and IESA. It positions India to become a global semiconductor powerhouse, accelerates economic growth, and fosters innovation," IESA President Ashok Chandak said.

SEMI, IESA join hands to boost semiconductor ecosystem in India

In order to develop a vibrant semiconductor ecosystem, the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords">Union Cabinet</keyword> chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> on Monday approved the proposal of <keyword id="23010908" type="General" weightage="20" keywordseo="Kaynes-Semicon-Pvt-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Kaynes Semicon Pvt Ltd" meta.hostid="83" meta.entityid="Kaynes Semicon Pvt Ltd">Kaynes Semicon Pvt Ltd</keyword> to set up a <keyword id="20779797" type="General" weightage="100" keywordseo="semiconductor-unit" source="keywords">semiconductor unit</keyword> in Sanand, <keyword id="19906863" type="General" weightage="20" keywordseo="Gujarat" source="keywords">Gujarat</keyword>. The proposed unit will be setup with an investment of Rs 3,300 crore. As per an official release, the capacity of this unit will be 60 lakh chips per day. The chips produced in this unit will cater to a wide variety of applications which include segments such as industrial, automotive, electric vehicles, consumer electronics, telecom, and mobile phones. The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> was notified on December 21, 2021 with a total outlay of Rs 76,000 crore. In June, 2023, the Union Cabinet had approved a proposal for setting up a semiconductor unit in Sanand, Gujarat. In February, 2024, three more semiconductor units were approved. <keyword id="19986399" type="General" weightage="20" keywordseo="Tata-Electronics" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Electronics" meta.hostid="83" meta.entityid="Tata Electronics">Tata Electronics</keyword> is setting up a semiconductor fab in Dholera, Gujarat and one semiconductor unit in Morigaon, Assam. CG Power is setting up one semiconductor unit in Sanand, Gujarat Construction of semiconductor units is progressing at a rapid pace and a robust semiconductor ecosystem is emerging near the units. They will bring an investment of almost Rs 1.5 lakh crore and cumulative capacity of these units is about 7 crore chips per day. Tata Group hopes that the commercial production of semiconductors chips at the two plants - in Gujarat and Assam, would start in 2026. Chip shortages during Covid highlighted the importance of indigenous manufacturing to fill the deficiency for national security and also to galvanise indigenous innovation. American chip maker Micron's high-end semiconductor fabrication plant at Gujarat's Sanand, which is India's first, is coming up at a rapid pace. It is expected to be operational in late 2024. In total, work on four semiconductor units is currently underway - 3 in Gujarat and 1 in Assam. Semiconductors are crucial for modern society and are needed for manufacturing an array of devices including phones, medical devices, cars and electronic gadgets. As per media reports, approximately 70 percent of total manufacturing capacity is concentrated in South Korea, Taiwan, China, the US, and Japan. India will soon start commercial production of semiconductors and related products and become a global power in this sector similar to the technology, nuclear, and digital spaces, said Prime Minister Narendra Modi earlier this year, as he laid foundation stones for the three semiconductor plants. India has lost decades in semiconductor manufacturing and now is the time to move ahead, he had said. As part of its Atmanirbhar and Make in India plan, the government launched production incentive (<keyword id="19958919" type="General" weightage="20" keywordseo="pli" source="keywords">PLI</keyword>) schemes in varied sectors, including electronics, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports.

Cabinet approves one more semiconductor unit in Gujarat, to be India's fifth

<keyword id="19986399" type="General" weightage="20" keywordseo="tata-electronics" source="keywords">Tata Electronics</keyword> has signed a memorandum of understanding with <keyword id="20120108" type="General" weightage="20" keywordseo="tokyo-electron" source="keywords">Tokyo Electron</keyword> to buy equipment and services for its under-construction chip units in Gujarat and Assam. Under the agreement, Tata Electronics and <keyword id="20423333" type="General" weightage="20" keywordseo="tel" source="keywords">TEL</keyword> will also focus on training Tata Electronics' workforce on TEL equipment and supporting ongoing improvement and research and development initiatives. "Tata Electronics...signed a memorandum of understanding with <keyword id="23110637" type="General" weightage="20" keywordseo="tokyo-electron-limited" source="keywords">Tokyo Electron Limited</keyword> (TEL), a leading global supplier of semiconductor equipment and services. The two companies will collaborate to accelerate semiconductor equipment infrastructure for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s first Fab being built by Tata Electronics in Dholera, Gujarat, and for its assembly and test facility in Jagiroad, Assam," Tata Electronics said on Monday. Tata Electronics is building India's first Fab in Dholera, Gujarat, with a total investment of Rs 91,000 crore and assembly and testing of semiconductor chips with investment of Rs 27,000 crores in Jagiroad, Assam. Together, these facilities will produce semiconductor chips for applications across automotive, mobile devices, artificial intelligence (AI), and other key segments to serve customers globally, the statement said. "TEL has a history of working closely with its customers, and its expertise in the semiconductor equipment space will help build a dynamic ecosystem to support the timely execution of bringing up our Fab and advanced packaging factories," Tata Electronics managing director and CEO, Randhir Thakur said. TEL will explore opportunities to leverage India's talent to establish an engineering service in India to support its global product development, the statement said. "This strategic collaboration spans both front-end fabrication and back-end packaging technologies, highlighting our commitment to delivering exceptional support and value to Tata Electronics. By leveraging our collective strengths, we aim to accelerate development and drive innovation across multiple technology nodes," TEL, President and CEO, Toshiki Kawai said. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-energy-looks-to-raise-3100-crore-files-ipo-papers-with-sebi/articleshow/113214971.cms">Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a>

Tata Electronics signs pact with Tokyo Electron to buy semicon equipment

In his Independence Day speech from the ramparts of the Red Fort, Prime Minister Narendra Modi outlined a series of futuristic goals aimed at shaping India's growth, and positioning the country as a <keyword id="20137017" type="General" weightage="20" keywordseo="global-leader" source="keywords">global leader</keyword> across various sectors. The Prime Minister has pitched a new idea, "<keyword id="22794631" type="General" weightage="100" keywordseo="design-in-India" source="keywords">Design in India</keyword>, Design for the World". Coining this new phrase, he particularly called for indigenous design capabilities and urged the citizens to create products that cater to both domestic and international markets. <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> spoke on India's aspiration to be recognized for its commitment to quality, stating that Indian standards should aspire to become international benchmarks. He also put special emphasis on India's commitment to becoming a global leader in <keyword id="20130071" type="General" weightage="20" keywordseo="semiconductor-production" source="keywords">semiconductor production</keyword>, aiming to reduce dependency on imports and enhance technological self-sufficiency. The semiconductor industry in India is still in a nascent stage, with various local and multinational companies intending to tap its vast potential. Today works for four semiconductor plants, three in Gujarat and one in Assam, are underway. The Government of India has announced a substantial allocation of USD 10 billion under the Semicon India Program for the semiconductor and display manufacturing ecosystem, according to Invest India, the national investment promotion and facilitation agency of India. Semiconductors are fundamental to modern electronic devices, including smartphones, cloud servers, and industrial automation systems. In his speech today, PM Modi also envisioned transforming India into a global manufacturing hub, leveraging its vast resources and skilled workforce. The Prime Minister called for state governments to establish clear policies to attract investments, offer assurances of good governance, and ensure confidence in the law and order situation. Touching upon gaming, a sunrise sector, PM Modi said that India must leverage its rich ancient legacy and literature to come up with <keyword id="20054650" type="General" weightage="20" keywordseo="Made-in-India" source="keywords">Made in India</keyword> gaming products. He added that Indian professionals must lead the global gaming market, not just in playing but also in producing games, stating that Indian games should make their mark worldwide. The number of online gamers in India soared to 442 million, establishing it as the second-largest gaming user base globally, surpassed only by China. Further, PM Modi emphasized the importance of <keyword id="20013516" type="General" weightage="20" keywordseo="green-jobs" source="keywords">green jobs</keyword> in India's efforts to combat <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword>. He stated that the focus of the country is now on <keyword id="20137018" type="General" weightage="20" keywordseo="green-growth" source="keywords">green growth</keyword> and green jobs, which will generate employment opportunities while contributing to environmental protection. The Prime Minister reiterated India's commitment to becoming a global leader in green hydrogen production and creating sustainable employment opportunities in environmental conservation and <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> sectors. At COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030. India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070. About 44 per cent of India's energy requirements at present come from <keyword id="22699275" type="General" weightage="20" keywordseo="non-fossil-sources" source="keywords">non-fossil sources</keyword> and are likely to touch as high as 65 per cent by 2030, much higher than what the country pledged at the COP summit in 2021. New job positions are emerging in the green industry because of climate change. As the clean energy sector is expanding, so is the demand for renewable energy professionals. This year's celebration marks the 11th time PM Modi addressed the nation from the Red Fort on Independence Day, making him the third Prime Minister after Jawaharlal Nehru and Indira Gandhi to achieve this milestone. The theme for this year's Independence Day is 'Viksit Bharat @ 2047,' aiming to drive the Government's efforts to transform India into a developed nation by 2047.

"Design in India, Design for the World": PM Modi coins phrase from Red Fort to put thrust on indigenous design capabilities

<ul><li>The project is likely to get huge subsidies and incentives, like zero stamp duty on land purchase and subsidised water and electricity. </li><li>Gujarat became the first state in the country to have such a dedicated policy for the semiconductor and display fabrication sector. </li><li>The state government has also announced to reimburse 100 per cent of stamp duty which investors would pay for the first time for taking land on lease.</li></ul> <keyword id="28423" type="DOMAIN" weightage="20" keywordseo="vedanta" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="vedanta" meta.entityname="Vedanta Ltd." meta.entityid="13111" meta.seoname="vedanta-ltd">Vedanta</keyword> and Foxconn have hired experts who are evaluating possible locations for their upcoming <keyword id="1034078" type="General" weightage="100" keywordseo="semiconductor-plant" source="Orion">semiconductor plant</keyword> in Gujarat and a site may be finalised in the next couple of weeks, Gujarat Science and Technology Department Secretary Vijay Nehra said. So far, the joint venture company has not finalised the location as they are evaluating various sites in Gujarat based on technical aspects, commercial viability and connectivity to set up the semiconductor and a display fabrication unit in the state, Nehra told PTI. In the biggest ever corporate investment in the history of independent India, a joint venture of the Vedanta and Foxconn had on September 14 signed a Memorandum of Understanding (MoU) with the Gujarat government to invest ₹ 1,54,000 crore to set up the plant in the state. Nehra had signed the MoU on behalf of the state government. "Vedanta and Foxconn have hired sector experts who are evaluating possible sites for the upcoming plant in Gujarat. Earlier they were evaluating multiple sites across different countries. In December 2021, when the Centre had announced the 'India Semiconductor Mission', they started looking for sites across different states in India (and then selected Gujarat)," Nehra said. The promoters are now evaluating sites in Gujarat on different technical aspects, commercial viability, connectivity and utility point of view, Nehra said, adding that the site may be finalised in the next couple of weeks. "There are many minute things which need to be kept in mind while selecting the site. For example, the production process can get affected due to the vibrations of passing trains. There must not be any vibrations near the plant. Power outage of even one second in a year can result in a loss of crores of rupees," he said. The project is likely to get huge subsidies and incentives, like zero stamp duty on land purchase and subsidised water and electricity, under the '<keyword id="15015910" type="General" weightage="100" keywordseo="gujarat-semiconductor-policy-2022-27" source="Orion">Gujarat Semiconductor Policy 2022-27</keyword>' announced by the state government in July this year. Gujarat became the first state in the country to have such a dedicated policy for the semiconductor and display fabrication sector, a government official earlier said. While announcing the policy, the Gujarat government had announced that it will set up '<keyword id="14570013" type="General" weightage="100" keywordseo="dholera-semicon-city" source="Orion">Dholera Semicon City</keyword>' in the Dholera Special Investment Region near Ahmedabad to attract investors. Under this policy, eligible projects will be given 75 per cent subsidy on purchase of the first 200 acres of land for setting up manufacturing units. The eligible projects will be provided good quality water at the rate of ₹ 12 per cubic metre for the first five years. If the investor decides to build its own desalination plant for captive use in the initial five years, the government will provide capital subsidy of 50 per cent of project cost, according to the policy document. The eligible manufacturing units would also get power tariff subsidy of ₹ 2 per unit for the first 10 years of going into production, it said, adding that such projects can also claim exemption from paying any electricity duty. To encourage investors under the policy, the state government has also announced to reimburse 100 per cent of stamp duty which investors would pay for the first time for taking land on lease, sale or on land transfer. In order to remove bottlenecks and provide quick clearances to investors, the state government will establish a single window mechanism to provide all the necessary approvals from one place, the policy document stated. Since uninterrupted power supply is crucial for such projects, the government will provide or facilitate "adequate redundancy in the <keyword id="6368906" type="DOMAIN" weightage="20" keywordseo="power-grid" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="power grid" meta.entityname="Power Grid Corporation of India Ltd." meta.entityid="4628" meta.seoname="power-grid-corporation-of-india-ltd">power grid</keyword> to ensure quality power supply for smooth operations". The policy also gives an assurance that the government will "develop appropriate water distribution to ensure the treated water is delivered to the eligible project". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gross-direct-tax-collections-rise-30/articleshow/94281181.cms">Gross direct tax collections rise 30%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/chinas-chip-output-shrinks-as-india-us-ramp-up-local-manufacturing/articleshow/94281093.cms">China's chip output shrinks as India, US ramp up local manufacturing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambani-donates-1-5-crore-to-tirumala-temple/articleshow/94280695.cms">Mukesh Ambani donates ₹ 1.5 crore to Tirumala temple</a>

Vedanta-Foxconn semiconductor plant site in Gujarat likely to be finalised in 2 weeks: Official

<ul><li>Neither of the companies had prior semiconductor experience or technology, says MoS IT Rajeev <keyword id="79017" type="General" weightage="80" keywordseo="chandrasekhar" source="Orion">Chandrasekhar</keyword>. </li><li>As per IANS, incentive approval delays by the government might have contributed to Foxconn's decision to pull out of the venture. </li><li><keyword id="28423" type="General" weightage="100" keywordseo="vedanta" source="Orion">Vedanta</keyword> says that it has lined up other partners to set up India’s first foundry. </li></ul>Barely a year into signing an ambitious $19.5 billion deal to manufacture semiconductors in India, the <keyword id="17964685" type="General" weightage="20" keywordseo="foxconn-vedanta-deal" source="Orion">Foxconn-Vedanta deal</keyword> went sour and it was curtains on Monday. While Foxconn did not give a reason for the same, the Union Minister of State for Electronics and IT Rajeev Chandrasekhar had a view on why the deal to set up a facility in Gujarat went wrong. “It was well known that both companies had no prior semiconductor experience or technology and were expected to source Fab tech from a tech partner. They could not source an appropriate tech partner for that proposal,” Chandrasekhar said in a tweet, adding that both Foxconn and Vedanta have significant investments in India. He had said earlier in May that the JV which had intended to set-up a facility in Gujarat, has been progressing slowly. Incentives &amp; delays Vedanta, which is one of India’s top energy players, had entered into an agreement with the Taiwanese major which is known as the iPhone component maker — to make 20-28 nm size chips. It is noteworthy here that India plans to become a <keyword id="712417" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="Orion">semiconductor manufacturing</keyword> destination and get a slice of Taiwan’s pie which manufactures over 90% of chips currently. Semiconductor chips are essential components in electronic devices, and their manufacturing is key to gaining an edge over China. The JV had gone through many delays, and has now gone completely kaput. As per a source-based IANS report, concerns about incentive approval delays by the Union government had contributed to Foxconn's decision to pull out of the venture. The government had raised posers on the costing provided to request incentives from the government. The government has also decided to keep open the $10 billion financial incentive scheme with a 50% subsidy on investments for making semiconductors in India for potential applicants. ‘India is just getting started’ Now, Vedanta intends to go ahead with the project and is working on removing Foxconn’s name and finding a new partner. "We have lined up other partners to set up India’s first foundry. We will continue to grow our semiconductor team, and we have the licence for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer (IDM). We will shortly acquire a licence for production-grade 28 nm as well,” said Vedanta. Chandrasekhar also said that Vedanta recently submitted a 40 nm fab proposal backed by tech licensing agreement from a global semiconductor major. It is currently under evaluation by Semicon India Tech Advisory group. “It is not for the government to get into why or how two private companies choose to partner or choose not to but, in simple terms, it means both companies can and will now pursue their strategies in India independently, and with appropriate technology partners in semicon and electronics,” said the minister. India is just getting started on semiconductor manufacturing locally, Chandrasekhar added. As per a joint report by <a href="https://www.counterpointresearch.com/india-semiconductor-manufacturing-trajectory/#:~:text=India's%20semiconductor%20market%20is%20expected,up%20a%20semiconductor%20manufacturing%20facility.">Counterpoint Research and the India Electronics</a> &amp; Semiconductor Association (IESA), India’s semiconductor market was valued at $22.7 billion in 2019. The report had also expected it to grow significantly to $64 billion by 2026 – driven by demand from consumer electronics, telecom, IT hardware and other sectors. The Deal Timeline December 2021: The Union Cabinet approves ₹76,000 crore scheme to boost semiconductor and display manufacturing in the country. February 2022: Foxconn and Vedanta forge a JV to manufacture semiconductors September 2022: The partners sign pacts to set up plans to build separate units for semiconductor and display production in Ahmedabad. September 2022: The Union Cabinet tweaks the semiconductor scheme, approves 50% financial incentives for manufacturers of semiconductor fabs across technology nodes and compound semiconductors, packaging, and other chip facilities May 2023: MoS IT Rajeev Chandrasekhar says that <keyword id="17964684" type="General" weightage="20" keywordseo="foxconn-vedanta-jv" source="Orion">Foxconn-Vedanta JV</keyword> is struggling to find a tech partner. (With IANS inputs)

Foxconn-Vedanta: How the $19.5 billion deal went kaput

<ul class="summary-list"><li>Foxconn said Monday it's scrapping a $20 billion JV with Indian conglomerate Vedanta to make semiconductors. </li><li>Other plans to boost India's chipmaking sectors are also progressing slowly.</li></ul>India has big plans to boost its chipmaking industry, but the country is already meeting setbacks.On Monday, Taiwan's Foxconn — best known for being a major parts supplier to Apple — said it's withdrawing from a <a href="https://www.reuters.com/world/india/vedanta-foxconn-sign-mou-with-modis-home-state-20-bln-chip-foray-2022-09-13/" target="_blank" rel="noopener">$19.5 billion joint venture</a> with Indian conglomerate Vedanta without citing a reason for the breakup. The two companies <a href="https://www.foxconn.com/en-us/press-center/events/foxconn-events/740" target="_blank" rel="noopener">signed an agreement in February 2022</a> to form a joint venture, or JV, to manufacture semiconductors in India. "Foxconn has determined it will not move forward on the joint venture with Vedanta," the company, known as Hon Hai Technology Group in Taiwan and China, said in a <a href="https://emops.twse.com.tw/server-java/t05sr01_1_e?&amp;isNew=Y&amp;seq_no=2&amp;spoke_time=222046&amp;spoke_date=20230710&amp;co_id=2317" target="_blank" rel="noopener">Monday statement to the Taiwan Stock Exchange.</a> The JV is now wholly owned by Vedanta, it added.Foxconn said the two companies had worked for over a year to bring "a great semiconductor idea to reality," but have mutually agreed to end the JV, which is now wholly owned by Vedanta. <a href="https://www.reuters.com/technology/foxconn-pulls-out-india-chip-jv-with-vedanta-2023-07-10/" target="_blank" rel="noopener">A source familiar with the matter told Reuters</a> that concerns over delays for approvals of incentives contributed to Foxconn's decision to abandon the venture in Gujarat, the home state of Prime Minister Narendra Modi."There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project," Foxconn said in a separate Tuesday statement. It added the mutual breakup "is not a negative."Foxconn also said it plans to apply for Indian government incentives for chipmaking projects.Still, the breakup is seen as a setback to Modi's ambition for India to become a key player in the global chip supply chain amid the geopolitical tensions in the Taiwan Straits.India already has an existing chipmaking industry, but Taiwan — which China claims as its territory — produces a vast majority of the world's chips. <a href="https://www.businessinsider.com/tsmc-us-china-tensions-may-dictate-fate-of-global-economy-2022-10" target="_blank" rel="noopener">Taiwan Semiconductor Manufacturing Company alone makes over half of the world's supply,</a> Insider reported previously. However, India's chip manufacturing expansion plans have been moving slowly.Apart from Foxconn abandoning its JV with Vedanta, two other chipmaking ventures are also in limbo.A $3 billion venture under global consortium ISMC — which counts Israel's Tower Semiconductor as a partner — has stalled, as Tower is in the process of being <a href="https://www.intc.com/news-events/press-releases/detail/1527/intel-to-acquire-tower-semiconductor-for-5-4-billion" target="_blank" rel="noopener">acquired by tech bigwig Intel,</a> <a href="https://www.reuters.com/world/india/india-chip-plan-stalls-after-tower-intel-deal-setback-modi-2023-05-31/" target="_blank" rel="noopener">Reuters reported on June 1.</a>Another $3 billion project by Singapore-based IGSS venture has also been halted because the company wanted to re-submit its application for government incentives, per <a href="https://www.reuters.com/technology/foxconn-pulls-out-india-chip-jv-with-vedanta-2023-07-10/" target="_blank" rel="noopener">Reuters.</a>However, it hasn't been all bad news for India's tech ambitions. <a href="https://investors.micron.com/news-releases/news-release-details/micron-announces-new-semiconductor-assembly-and-test-facility" target="_blank" rel="noopener">US chipmaker Micron said last month</a> it plans to invest up to $825 million in a chip testing and packaging unit in India.Rajeev Chandrasekhar, India's minister of state for electronics and IT, <a href="https://twitter.com/Rajeev_GoI/status/1678389567504916480" target="_blank" rel="noopener">tweeted Monday</a> that Foxconn's decision to <a href="https://indianexpress.com/article/business/foxconn-pulls-out-india-chip-jv-vedanta-8823949/" target="_blank" rel="noopener">pull out of its JV Vedanta</a> would have "no impact" on the country's chipmaking goals."To those editorializing abt this decision of Foxconn/Vedanta being a 'blow' to Indias Semicon ambition , I can only say its a bad idea to bet against India under PM Modi," Chandrasekhar tweeted. Vedanta did not immediately respond to a request for comment from Insider.

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