Young Liu, chairman of Foxconn, met with Narendra Modi, the prime minister of India, while he was in the country to discuss the company’s commitment and intention to produce semiconductors and electric vehicles in India. Foxconn is currently broadening its operations, and according to records submitted to SEBI by Bharat FIH Limited, it has started working with market-leading brands in the new industries as of March 2021. Ather Energy, Ola Electric, VU, ZTE, and boAt are among those mentioned. The company already produces phone components for Xiaomi, HMD Global, and Neolync.
Akarsh Hebbar, the global managing director of Vedanta Group’s display and semiconductor division, and Liu also had a meeting to discuss the roadmap and the site of the chip manufacturing facility. Additionally, this year saw the launch of a joint venture between Foxconn and Vedanta. Anil Agarwal, chairman of Vedanta, will lead their joint venture, which has Vedanta as a significant shareholder. Vedanta Group is to invest up to $15 billion over a period of five to ten years in India’s production of displays and semiconductor chips.
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Foxconn is among a fresh batch of brands betting on semiconductor manufacturing in the country due to the government push and incentives. Big names like Reliance and Tata are also in the race to grab some market share early on in the EV space.