State Minister for Electronics and IT Rajeev Chandrasekhar said in the Lok Sabha that Foxconn, a Taiwanese business that provides manufacturing services for electronics, had applied to establish a semiconductor factory in the nation.
In a written response, the minister said that the government has implemented a number of policies to encourage exports, encourage significant investments in electronic products and appliances, and increase the production of semiconductors and other electronics. According to Chandrasekhar, Foxconn has filed an application for the development of a semiconductor fab in India under the “modified scheme for setting up of semiconductor fabs in India.”
The Foxconn Group is making a second effort to start producing semiconductors in the nation. Previously, the business sought for the nation’s fabrication manufacturing license in partnership with billionaire Anil Agarwal’s Vedanta Limited.
Nevertheless, the government requested that they reapply under the new program after rejecting their first application. Subsequently, both businesses declared their voluntary separation from the partnership and their independent applications. It is thought that their lack of chip-making expertise was the cause of the application’s rejection.
Vedanta and Foxconn Technology are both very new to the semiconductor industry and lack experience in the chip-making domain. The government unveiled a $10 billion semiconductor incentive scheme in December 2021.
Foxconn Technology Group, also known as Hon Hai Precision Industry Co., Ltd., is a Taiwanese multinational electronics contract manufacturer with its headquarters in Tucheng, New Taipei, Taiwan. Founded in 1974 by Terry Gou, Foxconn has grown to become one of the world’s largest and most influential electronics manufacturing companies.
Foxconn’s role in the electronics manufacturing ecosystem and its impact on the global supply chain make it a company of considerable significance in the technology industry. As the industry continues to evolve, Foxconn will likely play a crucial role in shaping the future of electronics manufacturing and technology innovation.
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