Multinational mining company Vedanta’s chairman Anil Agarwal on July 28 said his firm and its former JV partner Foxconn are best of friends but their association will be limited to being players in the semiconductor ecosystem.

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“Foxconn and we are best of friends… Foxconn is more of a downstream player…but they don't have a license on foundry,” Agarwal said in an exclusive interaction with CNBC-TV18, on the sidelines of Semicon India 2023 in Gandhinagar.

Earlier in the day, in his address at the Gujarat event, he said the firm has already identified a world class tech partner for semiconductor and is in the process of tying up with it, adding that Vedanta is fully committed to manufacture semiconductor and display fab.

Agarwal told CNBC-TV18, he is speaking to three partners — one for foundry, one for chip manufacturing and packaging and another one for design.

His remarks came weeks after the Taiwan-based electronics manufacturing giant Foxconn announced its decision to withdraw from the $19.5 billion joint venture (JV) with Vedanta for semiconductor production in India.

CNBC-TV18 also caught up with Young Liu, Chairman and CEO, Foxconn at Semicon India. Liu said his firm is looking to invest over $2 billion in India over the next five years.

Talking about the withdrawal of partnership with Vedanta, he said, the company has not found another partner yet after calling off the JV. He added that Foxconn continues to work closely with Vedanta in many other industries like fibre.

Also Read | Foxconn exit from Vedanta JV has no impact on India's semiconductor goals: Minister

“I am very optimistic about the Indian semiconductor industry,” Liu said, adding that the downstream industry, which is growing significantly in India, should support upstream. He added that the Indian government understands and supports the semiconductor sector very well.

The developments are in line with CNBC-TV18's report earlier this month, as per which government sources have said Vedanta and Foxconn are still actively considering their respective semiconductor plans for India. Both companies are intending to pursue their plans independently, and they are also expected to collaborate with separate technology partners, they added.

Track all latest updates from Semicon India 2023 event on CNBCTV18.com’s blog

First Published:Jul 28, 2023 2:56 PM IST