Apple partner Foxconn said that it would not pursue the joint deal with the company Vedanta in India.
Reuters reported that Foxconn will no longer agree to a joint partnership with Indian company Vedanta for a chip manufacturing company in the country. Foxconn was originally thought to have invested $118.7 million in the company, which increased to $19.5 billion. However, a Foxconn spokesman said the company would not go ahead. There was no specific reason for the pull, but the Foxconn representative said the decision was mutual.
Following Foxconn’s exit, the joint venture will now be fully owned by Vedanta. Foxconn is said to have been working with the Indian company for some time to “turn a great semiconductor idea into reality”. India is becoming the recipient of Apple’s gradual shift of manufacturing from China, with Prime Minister Narendra Modi giving top priority to the project along with other tech companies.