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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Cong govt ended ‘darkness’ in 11 months of rule in T’gana: CM Revanth Reddy rebuts PM Modi's remark
Hyderabad (PTI): During the last 11 months, the Congress government in Telangana has reversed an air of gloom and despair under the previous BRS regime and ended the "darkness", Chief Minister A Revanth Reddy said on Saturday.
He was responding to a post by Prime Minister Narendra Modi that under Congress rule developmental trajectory and fiscal health is turning from bad to worse in Himachal Pradesh, Karnataka and Telangana.
“I am happy to clarify several misconceptions and factual errors in your statements about my state and our government," Reddy said in his post.
Prime Minister Narendra Modi Friday in a series of posts said the Congress stands "badly exposed" in front of people for promising to them what the party knows it will never be able to deliver.
“Every promise made by us to people is a sacred commitment for us. In the last 11 months, we have reversed an air of gloom & despair under BRS, and ended the darkness. Like a morning sun, Telangana is now Rising,” Reddy said in the post addressed to Modi.
Within two days of taking charge, the Telangana government fulfilled its first and second promise - free bus travel for women across all government buses, and a healthcare and hospitalisation cover of 10 lakhs under Rajiv Aarogyasree, the CM pointed out.
Even before completion of first year of rule, the Congress government has implemented India's largest ever, state-level farmer loan waiver of Rs 18,000 crore covering over 22 lakh farmers, he said responding to PM’s comments that in Telangana, farmers are awaiting the (loan) waiver they were promised.
Women get free electricity, with no domestic power charge for their homes up to 200 units, Reddy noted.
The CM also claimed that his government has held the largest recruitment drive and is regularly holding exams of all levels and provided jobs to over 50,000 eligible youth, a record “unmatched by any BJP state government.”
The CM said the government is rejuvenating River Musi, which was allegedly neglected by the previous government and protecting lakes and other precious water bodies, encroached upon and destroyed wantonly with abandon in the last 10 years.
