India Billionaire’s Chip Foray Faces Setback as Foxconn Exits
- The venture has also faced hurdles in getting state funds
- Vedanta last week said it will buy chip unit from a group firm
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Anil Agarwal’s $19 billion semiconductor-making ambitions in India were dealt another setback after his Taiwanese partner decided to part ways with the billionaire’s Vedanta Ltd. on a planned joint venture.
Hon Hai Technology Group, also known as Foxconn, will not move forward on the project with Vedanta, it said in a statement Monday, adding that the decision was based on a mutual agreement.