Foxconn withdraws from India's semiconductor JV with Vedanta
Foxconn withdrawal from Vedanta JV has no impact on India's semiconductor goals: MoS IT
New Delhi, Jul 10: Foxconn on Monday said it has decided to pull out of semiconductor joint venture with Indian conglomerate Vedanta, according to a statement.
Foxconn said it is "working to remove the Foxconn name from what now is 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," Hon Hai Technology group (Foxconn) said.
Foxconn, the global contract electronics maker, and Vedanta had inked an agreement last year to build semiconductor and display production plants in Gujarat entailing an investment of abour Rs 1.5 lakh crore.
In a statement on Monday Foxconn said: "In order to explore more diverse development opportunities, according to mutual agreement, Foxconn has determined it will not move forward on the joint venture with Vedanta."
The statement said that for over a year Hon Hai Technology Group (Foxconn) and Vedanta have worked hard to bring a great semiconductor idea to reality. It has been a fruitful experience that can position both companies strongly going forward.
"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," it said.
Taiwanese electronics manufacturer Foxconn's decision to pull out of Vedanta joint venture has no impact on India's semiconductor fabrication plant goal, minister of state for electronics and IT Rajeev Chandrasekhar said.
"This decision of Foxconn to withdraw from its JV wth Vedanta has no impact on India's Semiconductor Fab goals. None," Chandrasekhar tweeted.
➡️This decision of Foxconn to withdraw from its JV wth Vedanta has no impact on India's #Semiconductor Fab goals. None.
— Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI) July 10, 2023
➡️Both Foxconn n Vedanta have significant investments in India and are valued investors who are creating jobs n growth.
➡️It was well known that both… https://t.co/0DQrwXeCIr
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Allen, Raghuvanshi, Green power KKR to 29-run win over GT
Kolkata (PTI): Finn Allen blasted a 35-ball 93, while Angkrish Raghuvanshi hit an unbeaten 44-ball 82 as Kolkata Knight Riders kept their playoff hopes alive with a 29-run win over Gujarat Titans in the IPL match here on Saturday.
Sent in to bat, Allen went on a six-hitting spree, smashing 10 maximums and four boundaries to add 95 off 41 balls with Raghuvanshi (82).
Raghuvanshi then shared another 108 off 53 balls with Cameron Green (52 not out) to power KKR to a challenging 247 for 2.
In reply, GT could manage 218-4, riding on skipper Shubman Gill's 49-ball 85 and a 35-ball 57 from Jos Buttler. Opener Sai Sudarsan was retired hurt but returned to make a 28-ball 53 not out.
Sunil Narine (2/29) claimed two wickets and Saurabh Dubey snapped one for KKR.
For GT, Mohammed Siraj (1/50), Sai Kishore (1/38) were the wicket-takers.
Brief Score:
KKR: 247 for 2 in 20 overs (Finn Allen 93, Angkrish Raghuvanshi 82 not out, Camero Green 52 not out; Mohammed Siraj 1/50).
GT: 218 for 4 in 20 overs (Shubman Gill 85, Sunil Narine 2/29).
