Foxconn and Vedanta are almost ready to welcome European chipmaker STMicroelectronics as a technical partner in their projected semiconductor chip manufacturing facility in India.
The joint venture (JV) that was announced in February of last year.
The joint venture (JV) that was announced in February of last year would have Foxconn as its principal partner. One of those listed above claimed that “the government is positive on Foxconn, which is committing substantial investments in India.”
One of the five candidates for government incentives under a $10 billion programme unveiled in December 2021 to support local semiconductor manufacture is the Vedanta-Foxconn cooperation.
One of the requirements for project approval and the granting of incentives is partnering with a manufacturer of licence-grade semiconductor technology who has the required expertise in chip fabrication. The government has agreed to cover 50% of the project’s expenses.
By the middle of March, the final project clearances are anticipated, according to sources.
The Center has so far received five proposals to establish semiconductor fabrication units in addition to the Foxconn-Vedanta plan. These companies include Singapore-based IGSS Ventures and Israel’s Next Orbit Ventures, which has collaborated with Tower Semiconductor (Tower has been acquired by Intel, although the transaction is pending regulatory approvals).
A wide range of stakeholders must work together on the difficult project, and “we are in talks with multiple possible technological partners working with Foxconn to make this project a big success not just for us but for the nation,” the source added.
The business did not confirm or deny having talks with STMicroelectronics, though.
