Foxconn, Vedanta eye STM as tech partner

Foxconn and Vedanta are near inducting European chipmaker STMicroelectronics because the expertise companion of their proposed semiconductor chip manufacturing unit in India, folks conscious of the event stated.

Foxconn will proceed to be the lead companion within the three way partnership that was introduced final February. “The government is bullish on Foxconn, which is committing huge investments in India,” stated an individual cited above.

The Vedanta-Foxconn consortium is without doubt one of the 5 candidates looking for authorities incentives beneath a $10-billion package deal introduced in December 2021 to advertise home semiconductor manufacturing.

Partnering with a licence grade semiconductor expertise maker with vital expertise in chip manufacturing is without doubt one of the stipulations for undertaking approval and grant of presidency incentives. The authorities is dedicated to footing 50% of undertaking value, together with different incentives. Final undertaking approvals are more likely to are available by mid-March, sources stated. So far, along with the Foxconnn-Vedanta proposal, the Centre has acquired a complete of 5 bids.

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