November 05, 2024 09:05 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
Foxconn partners with STMicroelectronics NV to set up semiconductor factory in India
Earlier, Foxconn's venture with Vedanta to setup chip factory failed (Image Source: Screengrab )

Foxconn partners with STMicroelectronics NV to set up semiconductor factory in India

| @indiablooms | 08 Sep 2023, 01:14 am

New Delhi: Foxconn Technology Group is partnering with STMicroelectronics NV to boost its chances of securing government incentives to build a semiconductor factory in India, Bloomberg reported.

Earlier, Foxconn had joined hands with mining and metals company Vedanta to build a semiconductor factory in India.

Foxconn is best known as Apple Inc.’s key assembly partner.

The joint venture could not progress as both the companies lacked very specialized expertise to run the project which requires billions of dollars in investment.

The Indian government has sought more details from Foxconn about its partnership with STMicro, the report said, citing sources.

Foxconn is also in talks with a few other companies that have chip-making technology, the report added.

India is looking to develop its backbone chip technology to reduce dependence on expensive imports and reliance on Taiwan and China.

Under the Centre’s semiconductor incentive scheme, $10 billion has been allocated to encourage chipmakers to set up factories in India.

Following this announcement, US memory chip firm Micron Technology Inc. announced a $2.75 billion assembly and testing facility in Modi’s home state of Gujarat.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.