Foxconn targets India’s chip scheme after pulling plug on $19.5bn JV

Foxconn said it intends to apply for incentives under India’s semiconductor production plan, a day after the Taiwanese firm split with Vedanta on a $19.5 billion chipmaking joint venture.

Foxconn (2317.TW) withdrew from the JV with the Indian metals-to-oil conglomerate on Monday, in a setback to Prime Minister Narendra Modi’s chipmaking plans for India.

The world’s largest contract electronics maker said on Tuesday it was working towards applying under India’s Modified Programme for Semiconductors and Display Fab Ecosystem, a $10 billion plan offering incentives of up to 50% of capital costs for semiconductor and display manufacturing projects.

“We have been actively reviewing the landscape for optimal partners,” it said in a statement. “Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem.”

Although Foxconn will start afresh, the Vedanta (VDAN.NS) breakup is a setback for Modi who has made chipmaking a top priority in pursuit of a “new era” in electronics manufacturing and hailed the JV as an “important step” last year.

Foxconn is in talks with several local and international partners to make semiconductors in India using mature chip manufacturing technology for products including EVs, two people with direct knowledge of the discussions said, requesting anonymity as the plans are confidential.

“The company will continue to be there, just that it will find other partners,” one of the people said.

India expects its semiconductor market to be worth $63 billion by 2026, but Modi’s plan has so far floundered.

Although three companies applied for incentives last year — Vedanta-Foxconn JV, Singapore-based IGSS Ventures and global consortium ISMC, which counts Tower Semiconductor (TSEM.TA) as a tech partner — no plan has been sealed.

The $3 billion ISMC project is stalled because Tower is being acquired by Intel, while another $3 billion plan by IGSS was also halted because it wanted to re-submit its application, Reuters has reported.

Foxconn to apply for India chipmaking incentives after $19.5 bln JV pullout
A wafer on display as Taiwan’s Foxconn holds its annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo

VENTURE TROUBLES

Explaining the Vedanta split, Foxconn said “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 giving more details.

“This is not a negative,” Foxconn added.

Reuters had earlier reported that deadlocked talks on finalising European chipmaker STMicroelectronics (STMPA.PA) as a tech partner of the Vedanta-Foxconn JV, and delayed incentive approvals were among reasons for the pullout.

The two sources said on Tuesday that Indian authorities and Foxconn were both concerned about Vedanta’s finances, which had also contributed to the Taiwanese firm’s decision to end the JV.

Vedanta’s India unit said in its most recent annual report that its net debt stood at 452.60 billion rupees ($5.5 billion) as of March 31, 2023, more than doubling over a year due to dividend payments and capital expenditure outflows.

In a statement to Reuters, Vedanta said the India unit, Vedanta Ltd, is in “a comfortable financial position” and there was “no basis” for speculation. India’s IT ministry did not respond to requests for comment on Tuesday.

Moody’s this year downgraded Vedanta’s London-based parent, Vedanta Resources, and warned that ongoing debt related issues expose Vedanta “to material refinancing risks and exacerbate likelihood of a payment default or a distressed exchange”.

There have been no defaults on the group’s debt, Vedanta Chairman Anil Agarwal has said.

Like Foxconn, the Indian government has said the breakup of the JV had “no impact” on India’s semiconductor plans, adding that both companies were “valued investors” in the country.

Foxconn’s Taipei listed shares closed up 0.5%, underperforming the broader market (.TWII). Vedanta’s shares fell as much as 2.6% in Mumbai, before paring some losses.

20 COMMENTS

  1. Given the dynamic nature of the market, the emerging legal and regulatory climate, and the sheer volatility of crypto assets, it can be a daunting task to get your crypto currency back once you have fallen victim to one of the numerous crypto currency related schemes out there. If you have been defrauded with crypto currency the road to getting your crypto currency back can be a very tedious one, particularly since most people don’t have the best knowledge of how crypto currency works. If you fall into that category my advice to you would be to follow the following steps:

    How to Recover Crypto currency

    * Contact a professional recovery expert ([email protected])

    * Provide detailed information about the theft (wallet addresses, amount stolen, and time of theft).

    * Wait for the stipulated recovery time.

    * Check your wallet for your crypto currency chargeback.

    This was how I was able to recover my lost Bitcoin of about 189kUSD.

  2. In today’s digital era, the popularity of cryptocurrencies such as bitcoin has soared, offering individuals the potential for financial gain. However, with this surge in popularity, there has also been a rise in criminal activities targeting cryptocurrency holders. If you have ever experienced the loss of your bitcoin due to an erroneous investment plan or have fallen victim to bitcoin-related criminal activity, I urge you to consider reaching out to Wizard Web Recovery. Wizard Web Recovery is an approved hacker who specializes in the recovery of lost cryptocurrencies. They possess extensive expertise in dealing with online fraudsters and have successfully helped countless individuals retrieve their stolen bitcoin. I personally can attest to their effectiveness, as I myself fell victim to a fraudulent investment scheme, losing a substantial amount of funds from my bitcoin wallet. Despite my repeated attempts to seek help from the authorities, my situation remained unresolved until I engaged the services of Wizard Web Recovery. If you or someone you know has fallen victim to a phony online Ponzi fraud involving cryptocurrency, Wizard Web Recovery contact information is : wizardwebrecovery(@)programmer.net

  3. Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. It’s hard to know how to get started. Trading the Crypto market has really been a life changer for me. I almost gave up on crypto currency at some point not until I got a proficient trader Bernie Doran, he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. I’m not here to converse much but to share my testimony, I invested $5000.00 and got back $50,500.00 within 5 days of investment. His strategies and signals are the best and I have gained more knowledge.
    If you are new to cryptocurrency. You can reach to him on Telegram: @BERNIE_FX ,through Gmail :[email protected] or his WhatsApp : +1424(285)0682

  4. Do you need an expert hacker that can comprehend and penetrate the web using the most recent cyber intelligence, with a very unique service delivery approach, and in a reasonable amount of time? SPAMMER ROOTKITS Recovery will satisfy all your requirements, so stop exploring now. Their services address a wide range of issues, including quickly retrieving lost or stolen Bitcoin. Since Bitcoin is the currency of the future, many individuals are investing in it and losing a lot of money. SPAMMER ROOTKITS Recovery has the ability to recover lost Bitcoin regardless of how it was lost. As a result, if you’ve been targeted, don’t be afraid to contact SPAMMER ROOTKITS Recovery at : WhatsApp +351 920 258 835 or spammer(@)fastservice.com for the assistance you require.

  5. The only person capable of assisting you in recovering your money from scam brokers is a professional financial recovery service called Alister Recovery. I recently received help from them to retrieve my lost funds. Many of these binary option companies are scams, and their weak database security makes them vulnerable to exploitation. Alister Recovery possesses special recovery tools, root recovery tools, and technical infiltration strategies that can easily exploit these vulnerabilities. Their skilled team of professionals specializes in infiltrating company databases, extracting files and documents, decrypting transaction details, and recovering stolen funds. To get in touch with Alister Recovery, you can reach them at AlisterRecovery ART GMAIL [[DOT]]Com.

  6. Jeanson James Ancheta wizard at email ([email protected]) are helping bitcoin scam victims recover stolen crypto coins from rippers. I’m American but live in Australia and I invested the sum of $ 357,800 in Bitcoin with a cryptocurrency company I met online. After a couple of weeks, my initial investment had increased from $ 203,800 to $ 579,850. This felt so good as the investment grew rapidly in just a few weeks. When it was time to retire, my withdrawal request was denied, all effort to make withdrawal declined, then I realized I had been ripped off. Thanks to credible and reliable recovery agent Jeanson James Ancheta wizard.The hackers whom I learned are partners with chain lysis and audits of where your stolen funds end up helping me recover almost all lost Bitcoin. you contact them on email: ([email protected]) or WhatsApp number: +4531898073 or Telegram number: +4571398534 they will attend to you if you have such issue.

  7. It’s been pathetic losing your hard earned money to crypto investment theft scheme which are currently on the rampage over the past few months. With the recent crash in FTX platform, I lost all my savings and could barely have my three square meal. I was in disarray until I looked up Alister Recovery {at}gmai| c 0 m who assisted me and got back my stolen funds completely. This got me back on track and happy to celebrate the festive season with family and friends

  8. Through Wizard web recovery, Bitcoin scam victims are able to retrieve their money. I have to recommend Wizard Web Recovery to anyone who has fallen victim to a scam and has been looking for methods and techniques to recover their lost cryptocurrency wallets. Wizard Web Recovery is a reliable cryptocurrency recovery firm that assists victims in recovering their stolen cryptocurrency and offers secure solutions to protect your wallets from online scammers. I must admit that I was in a deep melancholy and had given up on life until these experts were able to restore the 1.5 BTC back to my wallet. If you’ve lost your cryptocurrency and are embarrassed about it, contact Wizard Web Recovery to get your money back. Reach Wizard Web Recovery at:wizardwebrecovery(@)programmer(.)net for more details. Take a look at their page site wizardwebrecovery.net

    Much love.

  9. If you don’t have good capabilities, you should understand how challenging recovering bitcoin can be. I attempted several different hackers as soon as I lost mine, but none were efficient. I pondered about getting it back at the time. But when I tried Pro Wizard Gilbert Recovery, they were productive, therefore I want to personally applaud them for their outstanding job. You can get your misplaced bitcoin back by contacting Pro Wizard Gilbert Recovery.
    Using any of the below options, you can contact prowizardgilbertrecovery(at)engineer.com.

    Thanks.

  10. Cyber Genie has helped me regain my financial freedom from fake Bitcoin Investment Brokers, and I can’t thank him enough for his assistance and guidance in helping me recover my lost Bitcoin tokens. I lost so much money trading alone until I met Cyber Genie. He is a very trusted and reliable Crypto-Currency recovery programmer that has touched the life of many individuals around the globe who have suffered from Crypto scammers. I had all my earnings for years thrown into what I still regret to this day thinking I was investing with a crypto-broker. It was late before finding out I would not be able to recover funds from my investment, Cyber Genie took it upon itself to ensure I got at least 85% of all that I invested with the broker. Don’t be embarrassed to speak out or lose hope if you have ever been a victim of any internet scam, Contact (cyber genie (@)cyber services(.)com – W/A (+1) (252)(512)(0391) can help you return all you have lost.

  11. Around this time last year, a social imposter managed to fool me into falling for a cryptocurrency scam by promising to make me a significant profit. Unbeknownst to me, he was an unlicensed cryptocurrency trader who claimed to have assisted investors in making big profits. They cheated me out of my $150,000 worth of cryptocurrency. As this was money I had worked so hard to obtain, I was shocked and uncomfortable. After reading favorable reviews and internet testimonials about a legitimate hacker firm called Wizard Web Recovery, I learned how skilled they are at crypto recovery and other types of hacking. My cash was able to be recovered thanks to Wizard Web Recovery, therefore I contacted them right away. This is the best I can offer for them as a token of appreciation. By email: wizardwebrecovery (at) programmer . net, You can get in touch with Wizard Web Recovery to help you get back your stolen funds.

  12. I was scammed by an Instagram person faking a celebrity I talked with this scammer 8 months via WhatsApp and I sent money to them via Bitcoin then I was cohered to give my banking login and from there they hustled me out of my 20k from the unemployment money they said oh I routed cash to your account and never gave me time to verify that was my unemployment money. They were really patient with me and waited 8 months for my payment then I exposed them…by video on WhatsApp. They asked me to Bitcoin the money via atm. But for the timely intervention of Mr. Wizard Brixton, who just in kick-off on time got back my $20,000. He is really good at what he does, I have recommended him to friends and co-workers who all became satisfied customers. He has helped me a lot in the trading industry, you can reach him at WIZARDBRIXTON AT GMAIL DOT COM for Everything. Hacking and Funds Recovering He is the best and has different skills in fund recovering and exposing scammers. I am glad and happy to recover back my money (WIZARDBRIXTON)AT GMAIL DOT COM

  13. Hello, my name is Savannah….I’m going to share with you how I got my stolen crypto back from the scammers, after falling victim to a cryptocurrency investment scam, I was introduced to this cryptocurrency scam by a guy I met on Instagram, and after investing all my life savings, they swindled me off $4,600,000. It was the saddest moment of my life because I couldn’t believe what had happened, I was bankrupt and my credit was damaged. I reported to the authorities and there was nothing they could do to get these scammers or return my money. I thought all hope was lost and was going into depression until I came across an article online about a hacker who could help me recover my stolen funds, at first I thought it was impossible to do that but I realized I had no other choice but to give it a try, to my surprise Lord Hacker Ultimate Digital Assets Recovery Agency was able to recover all my stolen funds and upgrade my credit score, I wanted to put this out there for anyone who might be going through the same situation and has been swindled by this scammers, can also contact Lord Hacker Ultimate Digital Assets Recovery Agency to help you recover your stolen funds/Crypto. Contact them at: L.H.ULTIMATE@ FASTSERVICE.COM Or website: lordhackerultimatee.wixsite.com/hacker

  14. SILVERTHEC: NO 1 LICENSED  CRYPTO RECOVERY EXPERT.

    I can’t express enough gratitude to SILVERTHEC recovery for their exceptional service. Their expertise not only recovered my lost funds but also salvaged me from a financial crisis that nearly cost me everything. Their professionalism and dedication surpassed my expectations, and I now have a renewed sense of security. Thank you, SILVERTHEC, for turning a dire situation into a success story. I wholeheartedly recommend their services to anyone facing financial setbacks.
    They can be contacted via

    EMAIL:  silverthec @ proton .me
    TELEGRAM : @Silverthecrecovery
    WHATSAPP : +1(804) 682 9309
    WEBSITE : https : // dev -silverthec.pantheonsite .io

  15. SILVERTHEC: First Certified Cryptocurrency Recovery Expert.

    I cannot thank SILVERTHEC Recovery enough for their outstanding service. Her expertise not only helped me recover lost funds, but also saved me from a financial crisis where I lost almost everything. Their professionalism and dedication exceeded my expectations and I now feel a new sense of security. Thank you to her SILVERTHEC for turning a bad situation into a success story. I would wholeheartedly recommend her services to anyone facing financial hardship.
    CONTACT THEM VIA:

    EMAIL: silverthec (@) proton .me
    TELEGRAM: @Silverthecrecovery
    WHATSAPP: +1(804) (682) (9309)
    WEBSITE: h tt ps : // dev -silverthec.pantheonsite .io

  16. Trading is a good thing though I lost a lot before I got to where I am today. I was scammed of $979,000 worth of bitcoin with a scam forest investment unknowingly then and I didn’t know what to do. I came across a testimony just like this on the internet about WIZARD JAMES recovery services and how he could help me recover my stolen funds. I contacted him and was lucky to get his attention and in a space of 48 hours, he helped me recover my money. If you need assistance on how to trade and recover your money you have lost from a scam broker, email him at wizardjamesrecovery @usa. com to get his new amazing strategy. I must confess he is the best, brilliant and I did not regret working with him. He’s been quite helpful and highly efficient. I Would recommend his services to anyone without hesitation.

  17. I lost about 95,000 USDT of my entire life savings which I was planning on starting my own cleaning company after my retirement as a life investment for my kids, this plan of mine almost never happened if it were not for Wizard James. After being persuaded to invest in cryptocurrency and finding out it was a scam, this really hurt a lot. I tried working with a few recovery hackers out there but it turned out they don’t actually know anything related to hacking and were just posing as one to rip me off till Wizard James came to the rescue. I will always remain thankful for his great services. You can contact him on wizardjamesrecovery @usa. com for anyone who is indeed of his services.

  18. As a newcomer in the bitcoin space, I unfortunately fell victim to imposters who took advantage of my lack of knowledge. It was a distressing situation and I felt lost, unsure of how to navigate the complexities of recovering my lost funds. However, with the guidance and expertise from Cyber Asset Recovery, I not only found a reliable companion but also gained invaluable insights and knowledge about the recovery process.
    I cannot emphasize enough how much Cyber Asset Recovery support and assistance meant to me. Their professionalism, patience, and dedication were evident in every step of the recovery process. I felt listened to, supported, and guided throughout the entire journey. I want to personally extend my heartfelt appreciation for the exceptional service and results provided by Cyber Asset Recovery. The team’s expertise and commitment to helping individuals like myself who have fallen victim to imposters is truly commendable. Their contact information is below.

    Email: Cyberassetrecovery (@) protonmail (.) com

    Telegram: +1 (501) 725-1653

    WhatsApp: +1 (501) 725-1653

  19. I lost 70,000 cdn in ETH doing a data drive marketing job scam in a platform called amc rates. When I realized it was a sham I was more than shocked and my trust issues with the internet heightened. My brother warned me all along but I was convinced this was my ticket out of my financial situation. After the incident, he was more more motivated to catch the scams so he did his research and got hold of CyberPunk programmers. These guys are so fast and transparent in their operations. They tracked down the people behind the company and got back my money. I will recommend them for investors in the digital currency space. Their information is
    Email: cyberpunk (@) programmer (.) net
    WhatsApp: +44 7848 161773

  20. UPDATED 2024 FRESH FULLZ USA UK CANADA
    Recent Spammed & Guaranteed Stuff
    Legit Info & verified

    SSN DOB DL ADDRESS AC & RN
    SIN DOB ADDRESS
    NIN DOB DL ADDRESS
    CC CVV WITH BILLING ADDRESS
    DUMPS with Pin Track 101 & 202
    DL/ID Front Back With Selfie & SSN
    Young Age Fullz 2002 & below
    High Credit Score Pros
    KYC FULLZ SBA PUA UI Filling Info
    UK USA CANADA AUS ID FRONT BACK & Passport
    Business EIN Company Fullz
    Combos & Office365 Leads
    SMTP|RDP|C-Panel|Shells|Brutes
    Mailers|Web-Mailers|SMS Sender
    Scripting|Scam Papes|Linux Root

    Many other stuff we’re providing
    You can get specific info fullz too
    (Age|Gender|City|State|Zip)
    Fresh Fullz never used & never sold

    Contact For the info:
    *****************************************
    Telegram – @leadsupplier | @killhacks
    ICQ – @killhacks | 752822040
    Email – bigbull0334 @ onionmail . org
    Skype – @peeterhacks
    *****************************************

Comments are closed.

Must Read

PM for ensuring third party validation in all government procurements

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Thursday directed the relevant authorities to ensure third party validation including quality insurance in all the government procurements. Chairing a...