Foxconn announced Monday that it has partnered with Vedanta to manufacture semiconductors in India. The move is intended to help reduce chip shortages, something the iPhone maker has previously warned about.
Foxconn and Vedanta Partner For Indian Chip Manufacture
A statement from Foxconn said:
The collaboration between Vedanta and Foxconn follows the India Government’s recent policy announcement for Electronics Manufacturing & PLI scheme for incentivizing organizations to contribute towards development of this sector. This will be the first joint venture in the electronics manufacturing space after the announcement of the policy.
The statement also said that “discussions are currently ongoing with a few State Governments to finalize the location of the plant.”
Vedanta will hold be the majority equity holder in the joint venture, with its Chairman Anil Agarwal also serving as the joint venture’s Chairman. Foxconn will be the minority shareholder.
Foxconn already manufactures iPhones in India. However, the conditions in a plant in the country have been highly criticized.