back to article Foxconn, India's star recruit for semiconductor manufacturing, quits

Taiwanese tech manufacturer Hon Hai Technology Group, aka Foxconn, said on Monday it is withdrawing from a $19.5 billion semiconductor and display manufacturing joint venture with Indian mining and power generation company Vedanta. In a statement released on the Taiwan Stock Exchange, Foxconn said the decision to not move …

  1. CrackedNoggin Bronze badge

    According to Reuters, concerns about incentive approval delays contributed to Foxconn's switch.

    A small रिश्वत fee is required to lubricate the bureaucracy to access the incentives. Vedanta knows how to haggle that ritual because they do it everyday - Foxconn of course does not.

    In the US it's called lobbying and I am worried that the same could happen with TSMC giving up while Intel knows the ropes.

  2. Pascal Monett Silver badge

    "a $19.5 million semiconductor and display manufacturing joint venture"

    Well if it's only $19.5 million, it's small fry and of no big consequence.

    Now, a $19.5 billion deal would be a big problem.

    1. elregukac

      Re: "a $19.5 million semiconductor and display manufacturing joint venture"

      Several gaffes in the article. Yes, it is $19.5**B**illion. And Congress is an opposition party in India (which had been a ruling party for several decades), not Indian Parliament as mentioned. And the initiative is "Ma**k**e in India" not "Made in India". Poor reporting.

  3. Ace2 Silver badge

    “We have seen some media reports portraying Foxconn's withdrawal from the join venture with Vedanta as a negative example of the Group's investment integrity.”

    Ha ha ha ha ha ha ha ha ha

    Ha ha ha


  4. Anonymous Coward
    Anonymous Coward

    corruption and buearocracy

    Too much of both in India for it to move anywhere nearly as quickly as China

  5. Mr D Spenser

    Sound familiar?

    I think we have seen this movie before.

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