The Taiwanese Apple supplier Foxconn has pulled out of a joint venture to make chips with India’s Vedanta
from the JV with the Indian metals-to-oil conglomerate on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.
"We have been actively reviewing the landscape for optimal partners," it said in a statement. "Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem."breakup is a setback for Modi who has made chipmaking a top priority in pursuit of a "new era" in electronics manufacturing and hailed the JV as an "important step" last year.
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