Foxconn working on application seeking incentives under India's semicon policy

New Delhi, July 11 Taiwanese manufacturing giant Foxconn on Tuesday said it is working on an application to access incentives under India's semiconductor manufacturing policy, a day after pulling out from its $19.5 billion joint venture with Vedanta.The company, also called Hon Hai Technology Group, said it is "working toward submitting an application related to the 'Modified Programme for Semiconductors and Display Fab Ecosystem."

"We have been actively reviewing the landscape for optimal partners. Building fabs from scratch in a new geography is a challenge, but Foxconnis committed to invest in India," the company said in a statement.

Foxconn and Vedanta had signed a MoU in 2022 to establish semiconductor anddisplay production parts in Gujarat.

The Taiwanese giant said it has "no intention to do anything but continue to strongly support the government's 'Make in India' ambitions and establish a diversity of local partnerships that meet the needs ofstakeholders".

The government on Monday said that the decision of Foxconn to withdraw fromits semiconductor JV with Vedanta has no impact on India's semiconductorgoals.

"Both the companies Foxconn and Vedanta are committed to India's semiconductor mission and 'Make in India' programme," said IT Minister Ashwini Vaishnaw.

Both Foxconn and Vedanta have significant investments in India and arevalued investors who are creating jobs and growth, added Union Minister ofState for Electronics and IT Rajeev Chandrasekhar.

Vedanta has also said it will go ahead with the project.

"Vedanta reiterates that it is fully committed to its semiconductor fabproject and we have lined up other partners to set up India’s firstfoundry. We will continue to grow our Semiconductor team, and we have thelicense for production-grade technology for 40 nm from a prominentIntegrated Device Manufacturer (IDM)," said the company.