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Foxconn keen on semiconductor & EV manufacturing in India

Foxconn Young Liu and PM Modi

Prime Minister, Narendra Modi met Young Liu, Chairman, Foxconn yesterday during his visit to India. PM said that he welcomes plans for expansion of electronics manufacturing capacity in India, including in semiconductors. He said that the government’s push in EV manufacturing is in line with the commitment of Net Zero Emission.

Liu also met Vedanta Group’s global managing director of display & semiconductor business, Akarsh Hebbar regarding the roadmap and the location of the chip manufacturing plat.

Earlier this February, Foxconn and Vedanta entered into a joint venture. At that time, Foxconn said that Vedanta will hold the majority 60% of the equity in the JV, while Foxconn will be the minority shareholder. Vedanta Chairman Anil Agarwal will be the Chairman of the joint venture company. Vedanta group plans to invest up to $15 billion over 5-10 years to make displays and semiconductor chips in India

In documents filed with SEBI, Bharat FIH Limited, said that since March 2021 it has commenced business with market-leading brands in the new industries it is diversifying into. These include Ather Energy, Ola Electric, VU, ZTE and boAt. It is already making phone components for Xiaomi, HMD Global and Neolync (Jio).

Author: Naijaonpoint NG

Naijaonpoint NG is a Mobile Technology Enthusiast who is passionate about Mobile phones and Mobile apps. He uses the phones he reviews as his main phone. You can follow him on Twitter and Instagram
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