Taiwan’s Foxconn has partnered Vedanta Ltd to make semiconductors in India as the Apple supplier looks to expand into electric vehicles (EVs).
Foxconn has signed a memorandum of understanding with oil-to-metals group Vedanta to make semiconductors, Reuters reports.
Foxconn will invest $118.7 million to set up a joint venture company with Vedanta.
Foxconn would be the majority shareholder of the new venture. Foxconn would hold 40% of the venture’s shares.