Billionaire’s Chip Dreams Stymied as India Set to Deny Funding
- Vedanta-Foxconn venture struggling to qualify for incentives
- State funding is key as Agarwal’s firm faces financial strain
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India’s government is poised to deny crucial funding for billionaire Anil Agarwal’s chip venture, a setback for a $19 billion push to make semiconductors in the country.
The government is likely to tell the venture between Agarwal’s Vedanta Resources Ltd. and Taiwan’s Hon Hai Precision Industry Co. it won’t get incentives to make 28-nanometer chips, people familiar with the matter said. The venture has applied for such assistance, potentially worth billions of dollars, but hasn’t met the criteria set by the government.