Foxconn to apply for India chipmaking incentives after US$ 19.5 billion JV pullout: Report

Just one day after withdrawing from a US$ 19.5 billion joint venture with mining company Vedanta, Taiwanese giant Foxconn has 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. Foxconn is working toward submitting an application, the company mentioned in a statement. 

As per media reports, 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. "This is not a negative," Foxconn said in a statement.