Known Apple supplier Foxconn is apparently eyeing the chipmaking subsidies being offered by the Indian government. The news arrives soon after the company pulled out of its multi-billion dollar deal with Vedanta for a chip manufacturing partnership.
Foxconn seeks chip subsidiaries to expand in India
After the deal with Vedanta was terminated, it appears that the contract manufacturer is planning on using the incentives being offered in India to set up a new semiconductor unit in the region. Foxconn stated earlier today (11th July 2023) that it is working on applying under the Modified Programme for Semiconductors and Display Fab Ecosystem in India. This is the sizeable 10 billion US Dollar incentive that helps lower the capital costs for semiconductor and display manufacturing projects by up to 50 percent.
As per their official statement, “We have been actively reviewing the landscape for optimal partners. Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem.” Notably, the company’s recent split with Vedanta also deals a hit to the Modi government which has been pushing for semiconductor production within the country.
But while the Foxconn-Vedanta deal fell apart, the former is still looking to expand in India by setting up its own semiconductor and display manufacturing unit. Furthermore, the company is also in talks with partners that are both domestic and international to make semiconductors in the region for products that include the growing EV market (Electric Vehicles).
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