On Monday, Taiwan’s Foxconn said it had partnered with Indian conglomerate Vedanta to fabricate semiconductors in India, as the semiconductor giant looks to diversify its business amid a global chip shortage.
Foxconn, the world’s largest contract electronics manufacturer and a major Apple supplier, has expanded into areas including electric vehicles (EVs) and semiconductors in recent years.
In a statement, Foxconn said it had signed a memorandum of understanding with oil-to-metals group Vedanta to make semiconductors, calling it “a significant boost to domestic manufacturing of electronics in India.”
Foxconn said it would invest $118.7 million to set up a joint venture company with Vedanta, which would be the majority shareholder of the new venture. Foxconn would hold 40% of the venture’s shares, it added.
MacDailyNews Take: It’s best not to keep all of your eggs in one basket.
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