In his visit to India, Young Liu, chairman, Foxconn, met the Prime Minister Narendra Modi; Ashwini Vaishnaw, minister of communications, electronics and information technology (MeitY) and Rajeev Chandrasekhar, minister of state for electronics and information technology.
The meeting with the Prime Minister comes at a time when the Foxconn has plans to expand its manufacturing footprint in India beyond electronics to semiconductors and electric vehicles (EVs).
In addition, Liu also met Akarsh Hebbar, global managing director, Display and Semiconductor business, Vedanta Group, as part of a proposed partnership between Foxconn Group and Vedanta Group to set up semiconductor manufacturing in India. The two companies had signed a memorandum of understanding (MoU) in February 2022 to form a joint venture company in India where Vedanta will hold 60 per cent of the equity while Foxconn will own 40 per cent.
Meanwhile, Vedanta is planning to invest around $15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India. Also, the JV will look at setting up a semiconductor manufacturing plant in the next two years. The partnership is aiming to arrest the electronic component import bill of around $100 billion in the coming years.
