Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Vedanta. Last year Foxconn and Vedanta signed a pact to set up semiconductor and display production plants in Gujarat.
"Foxconn (2354.TW) has determined it will not move forward on the joint venture with Vedanta," the electronics maker said in a statement, without elaborating on the reasons.
Foxconn said it had worked with Vedanta for more than a year to bring "a great semiconductor idea to reality", but they had mutually decided to end the joint venture and it will remove its name from what now is a fully-owned Vedanta entity.
Foxconn is known for assembling iPhones and other Apple products but recently it is expanding its business into chip-making.
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