Foxconn will continue to be the lead partner in the joint venture that was announced last February. “The government is bullish on Foxconn, which is committing huge investments in India,” said a person cited above.
The Vedanta-Foxconn consortium is one of the five applicants seeking government incentives under a $10-billion package announced in December 2021 to promote domestic semiconductor manufacturing.
Partnering with a licence grade semiconductor technology maker with necessary experience in chip manufacturing is one of the prerequisites for project approval and grant of government incentives. The government is committed to footing 50% of project cost, along with other incentives. Final project approvals are likely to come in by mid-March, sources said. So far, in addition to the Foxconnn-Vedanta proposal, the Centre has received a total of five bids.
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