Foxconn seeks chip incentive plan after withdrawal from Vedanta's $19.5 billion JV pullout

A day after Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta, Taiwan's Foxconn on Tuesday said that it plans to apply for incentives that India is offering under its semiconductor manufacturing policy.

"Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem," the company said.

"Foxconn is working toward submitting an application."

On Monday, Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi's chipmaking plans for India.

Foxconn said on Tuesday "there was recognition from both sides that the project was not moving fast enough" and there were other "challenging gaps we were not able to smoothly overcome", without sharing details.

The company had announced plans to set up its chip plant in Gujarat with an investment of around Rs 1.5 lakh crore.