Taiwan’s Foxconn has found a new partner to set up a semiconductor plant in India. Earlier it was about to set up a semiconductor plant with Anil Agarwal’s Vedanta, but later both the companies parted ways. It is now being told that Foxconn has found a new partner for the proposed plant.
Here is Foxconn’s new partner
A Bloomberg report said on Thursday that Foxconn ST is going to form a joint venture with Micro Electronics NV. The joint venture of Foxconn Technology Group and ST Micro Electronics NV will set up a semiconductor factory in India. According to the report, the two companies together are going to apply for government help for a 40-nanometer chip plant.
This is why semiconductors are important
Let us tell you that the Wants to make self-sufficient in the case of semiconductor. Semiconductor itself is also called chip. In today’s time, semiconductors have become important for many industries. From AC to fridge and TV to washing machine, apart from cars, semiconductors are being used extensively in everything. Semiconductors are also important from a strategic point of view. Talking about 40-nanometer pitch, it is widely used in products like cars, cameras, printers. Keeping this in mind, a scheme of incentives has been announced to promote domestic manufacturing of semiconductors. Under the scheme, companies setting up semiconductor factories in India will get help from the government on fulfilling certain conditions. Earlier, Foxconn and Vedanta were going to set up plants together under this scheme. Although now Vedanta is working on its own separate plan.
The place for the plant was finalized
Vedanta and Foxconn had also finalized the place for the proposed plant. Earlier the JV of both the companies was looking for a location in Maharashtra, but later they finalized the location for India’s first chip manufacturing plant in Gujarat. Both companies had said that they are going to invest around Rs 1.5 lakh crore on the plant.
Foxconn trusts India
Foxconn is one of the world’s largest contract manufacturing companies Is. She makes many products for Apple including iPhone. The company’s manufacturing was earlier China based, which is now being shifted to India as well. Foxconn also plans to set up an electric vehicle factory in India. The company’s chairman recently said that India could replace China as the world’s manufacturing hub in the coming years.
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