TAIPEI/NEW DELHI :Taiwan's Foxconn said on Tuesday it plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta on a $19.5 billion chipmaking joint venture.Foxconn withdrew from its semiconductor JV with Indian metals-to
TAIPEI/NEW DELHI :Taiwan's Foxconn said on Tuesday it plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta on a $19.5 billion chipmaking joint venture.
In a statement, Foxconn, the world's largest contract electronics maker, said it was working towards applying under the government's"Modified Programme for Semiconductors and Display Fab Ecosystem", a reworked $10 billion plan offering financial incentives of up to 50 per cent of capital costs for semiconductor and display manufacturing projects.
Modi has made chipmaking a top priority for India's economic strategy in pursuit of a"new era" in electronics manufacturing and Foxconn's move represents a blow to his ambitions of luring foreign investors to make chips locally for the first time.
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