Trending: Foxconn Pulls Out of Vedanta JV to Make Chips in India

0855 GMT - Vedanta is one of the most mentioned companies in the news over the past 12 hours, according to Factiva data, after its Taiwanese joint-venture partner withdrew from chip-making plans. Foxconn Technology Group said it ended the partnership with Vedanta and is working to remove its name from a project. The two companies announced the nearly $20 billion collaboration last year. It was slated to set up a plant in Gujarat, the home state of Prime Minister Narendra Modi, who has sought to turn India into an electronics manufacturing hub with the help of billions of dollars of incentives for companies that "Make in India." Vedanta said it has secured a license from a prominent chip maker for the technology to manufacture a larger, more established type of chip. India's junior tech minister Rajeev Chandrasekhar, a major proponent of India's foray into chips, said on Twitter that the dissolution of the JV won't affect the country's chip-making plans. Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)

(END) Dow Jones Newswires

July 11, 2023 05:10 ET (09:10 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.