Top officials of the Taiwan-based Hon Hai Technology Group, better known as Foxconn, are meeting Chief Minister MK Stalin today, said government sources.
The names of the officials attending the meeting was not disclosed. The agenda of the meeting has also been kept secret.
The meeting assumes significance with Foxconn recently pulling out from a semiconductor joint venture with Vedanta group. Vedanta and Foxconn were planning to jointly invest $19.5 billion in a semiconductor fabrication plant in Gujarat to make 28-nanometre semiconductors.
A statement by Foxconn then said, for over a year Hon Hai Technology Group (Foxconn) and Vedanta had worked hard to bring a great semiconductor idea to reality. It has been a fruitful experience that can position both companies strongly going forward. In order to explore more diverse development opportunities, in mutual agreement, Foxconn has determined it will not move forward on the joint venture with Vedanta.
Also read: Tamil Nadu joins list of suitors as Foxconn plans foray into electric vehicles segment
Foxconn is confident about the direction of India’s semiconductor development. “We will continue to strongly support the government’s Make In India ambitions and establish a diversity of local partnerships that meet the needs of stakeholders.”
Foxconn is working to remove the Foxconn name from what is now a fully-owned entity of Vedanta. Foxconn has no connection to the entity and efforts to keep its original name will cause confusion for future stakeholders, the statement said.
Published on July 19, 2023
