Foxconn announced on Monday that it is withdrawing from a joint venture with metals-to-oil conglomerate Vedanta that was established to manufacture semiconductors in India.
Foxconn and Vedanta, which is backed by billionaire Anil Agarwal, signed an agreement last year to invest $19.5 billion to establish semiconductor and display production plants in Gujarat in order to capitalize on the country’s ambitions to become an electronics powerhouse.
“Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta,” the electronics manufacturer said in a statement.
Vedanta did not respond to a request for comment promptly.
