In Gujarat, the semiconductor project announced by the government with huge withdrawals is stuck

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image : Twitter


A great news has come for the people of Gujarat. Vedanta's Anil Agarwal's semiconductor dream may be shattered. The reason is that Foxconn has to start looking for a new friend or say a new partner on this front. According to reports, Taiwanese contract manufacturing firm Foxconn has started talks with another business group in the country to jointly develop its semiconductor manufacturing project in the country. It is worth mentioning that in this matter, the government tried to take credit for the semiconductor manufacturing project by making huge advertisements. However, the matter has now stalled due to differences between Vedanta and Foxconn.

Differences surfaced between the two partners

Sources said that Foxconn's joint venture with billionaire Anil Agarwal-led Vedanta Group to set up a semiconductor manufacturing unit in Dholera, Gujarat, years ago could be in trouble as differences between the two partners have surfaced.

The government was worried about the Vedanta Group

A government official said on condition of anonymity that the two partners had differences. Both were also approached in this matter but Foxconn suggested to find a different partner. A government official said the government is concerned about the financial stability of the Vedanta Group.

Collected 450 million dollars from these two companies

Vedanta Resources Ltd, the parent unit of Vedanta Ltd, recently raised $450 million to repay loans by pledging equity from its two main rivals, Trafigura and Glencore. On which analysts have underlined the dire financial condition of the promoters and their incompetence.

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