Foxconn drops plans for $19.5 billion JV with Vedanta to make electronic chips

Foxconn said on Monday it has withdrawn from a $19.5 billion joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.

Foxconn said on Monday it has withdrawn from a $19.5 billion joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.

Foxconn, which did not say why it had taken the decision, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi's home state of Gujarat.

"Foxconn has determined it will not move forward on the joint venture with Vedanta. Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta," it said in a statement.