Foxconn: Apple supplier drops out of $20bn India factory plan

Apple supplier Foxconn has pulled out of a $19.5bn deal with Indian mining giant Vedanta to build a chip making plant in the country. "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 added. "The surprise pull-out of Foxconn is a considerable blow to India's semiconductor ambitions," Paul Triolo from global advisory firm Albright Stonebridge Group told the BBC. "The apparent cause of the pull-out is the lack of a clear technology partner and path for the joint venture," he added. Mr Chandrasekhar added that Foxconn and Vedanta were "Valued investors" in the country and "Will now pursue their strategies in India independently". In recent years, several other firms have announced plans to build semiconductor factories in India.

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