Foxconn Chairman Young Liu met Prime Minister Narendra Modi, discussing making electric vehicles (EVs) in India as part of a larger diversification plan to expand its Asian manufacturing supply chain beyond China.
Liu also met the Minister for Electronics & Information Technology Ashwini Vaishnaw and Minister of state for Electronics & Information Technology Rajeev Chandrasekhar. Vaishnaw tweeted: “He (Liu) expressed keen interest in electronics manufacturing, semiconductors and EV in India.”
PM Modi tweeted: “I welcome their (Foxconn's) plans for expanding electronics manufacturing capacity in India, including in semiconductors. Our push for EV manufacturing is in line with our commitment of Net Zero Emission.”
The Foxconn Chairman also called on Vedanta Group’s Global MD of Display & Semiconductor Business, Akarsh Hebbar to discuss their proposed partnership to manufacture semiconductor chips in India. The two companies had signed a MOU earlier this year to form a joint venture company in India with Vedanta and Foxconn will own 60% and 40% of the equity, respectively.
Vedanta and Foxconn are in discussions with some state governments, to finalise the location of the semiconductor unit soon. The partnership is aiming to arrest the electronic component import bill of around $100 billion in the coming years.
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