Days after Taiwanese major Foxconn announced its decision to withdraw from a $19.5 billion semiconductor joint venture with metals-to-oil conglomerate Vedanta, there are been reports that Foxconn has told the government that it wants to establish at least four to five semiconductor fabrication lines in India.
Report further adds that Foxconn has informed the ministry of electronics and information technology about the details of at least two memoranda of understanding (MoU) it has inked with technology partners.
A day after the split with Vedanta, Foxconn said it intends to apply for incentives under India's semiconductor production plan.
It said on Tuesday it was working towards applying under India's Modified Programme for Semiconductors and Display Fab Ecosystem, a $10 billion plan offering incentives of up to 50 per cent of capital costs for semiconductor and display manufacturing projects, Reuters reported.
The world's largest contract electronics maker signed a pact with Vedanta last year to set up semiconductor and display production plants in Prime Minister Narendra Modi's home state of Gujarat.