Foxconn partners Vedanta to make chips in India

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.

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