New Delhi: A day after announcing withdrawal from its chip-making JV with Vedanta, Foxconn on Tuesday said it is working on plans to apply for incentives under semiconductor and display fab programme.
The Taiwanese electronics manufacturing giant said it has been actively reviewing landscape for optimal partners. The comment assumes significance as Foxconn has pulled out from the $19.5 billion semiconductor JV with Vedanta.
“We welcome a diverse set of stakeholders, both inside India and abroad, who also want to see India get to the next level and can complement Foxconn’s world-class supply chain management and manufacturing efficiency,” Foxconn said in a statement on Tuesday.
Pledging its commitment to India, Foxconn said it “is working toward submitting an application related to Modified Programme for Semiconductors and Display Fab Ecosystem.”
Foxconn said it sees the country successfully establishing a robust semiconductor manufacturing ecosystem.
“It will take time. Foxconn first entered India in 2006 and we are still here. The group looks forward to growing alongside India’s nascent semiconductor industry,” it said. “Foxconn has sound channels of communications with government stakeholders across India, and we have been consistent and clear with them at all levels about our continued commitment to invest in India,” it said.
On its decision to pull out of the JV with Vedanta, Foxconn said both parties mutually agreed to part ways.
“This is not a negative. There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues related to the project,” it said.