After Vedanta acquired a 100% stake in its semiconductor and display manufacturing business, Foxconn said it parted away with Vedanta for their joint venture, Vedanta-Foxconn Semiconductors Limited, and is looking for new partners to keep its commitment to India's semiconductor ecosystem. Meanwhile, Taiwan-based ADATA approved a plan to set up a memory module plant in India.
Foxconn withdraw from chip JV with Vedanta, looking for new partners
According to The Economic Times, Vedanta Group announced on July 7 that its subsidiary Vedanta Limited will acquire a 100% stake in its semiconductor and display manufacturing business from Twin Star Technologies. On July 10, Foxconn said that it would not move forward with the chip joint venture with Vedanta and is looking for new partners for investments in semiconductor manufacturing in India without naming the partners.
Foxconn reportedly to build 4-5 fab lines in India
Vijay Nehra, secretary of Gujarat's science and technology department, told Reuters that the state is holding talks with multiple prospective investors, including Foxconn, over semiconductor manufacturing facilities. The Economic Times also quoted sources saying that Foxconn had informed the Ministry of Electronics and IT about at least two MoUs it signed with technology partners, adding that Foxconn is likely to apply for incentives and publicly reveal its plan within 45-60 days, which may include 4-5 semiconductor fabrication lines in India.
ADATA approved capital injection to make memory modules in India
According to the Market Observation Post System in Taiwan, ADATA announced in a regulatory filing on July 10 that its board of directors approved a capital injection worth up to US$25 million into its Indian subsidiary, ADATA Semiconductor Private Limited, to set up a new manufacturing facility there.
Tesla reportedly begins initial talks to make cars in India
The Economic Times quoted sources saying that Tesla is talking with the Indian government and a major local industry body to bring its component manufacturing partners and build an all in-house ecosystem in India. Tesla also sought information about the current and additional incentives or tax breaks the company and its partners may receive for manufacturing in India.
IDC: India to be No. 1 wearables market in 2023
The Economic Times quoted IDC's forecasts that of the total 504.1 million units of wearables to be shipped globally in 2023, India is expected to account for 130-135 million, or about 26%, becoming the largest wearable market in the world.
