Foxconn Chairman Visits India, Focuses on Semiconductor and EV Manufacturing

New Delhi Foxconn Chairman Young Liu met Prime Minister Narendra Modi, Minister of Communications, Electronics and Information Technology Ashwini Vaishnav and Minister of State for Electronics and Information Technology Rajiv Chandrashekhar during their visit to India on Thursday. Go public this year. Liu also met Vedanta Group’s Global Managing Director of Display and Semiconductor Business Akarsh Hebbar as part of the proposed partnership between Foxconn Group and Vedanta Group to set up semiconductor manufacturing in India.

“It was a pleasure to meet Mr. Young Liu, President, Foxconn. I welcome his plans to expand electronics manufacturing capacity in India, including semiconductors. Our thrust for EV (electric vehicle) manufacturing is in line with our commitment to Net Zero Emissions, Modi said in a Twitter post.

“Met by a delegation led by Mr. Young Liu, President, Foxconn. He showed keen interest in Electronics Manufacturing, Semiconductors and EVs in India,” Vaishnav tweeted.

“Met the delegation including Foxconn President Mr. Young Liu and discussed India’s ambition of $300 billion in electronics manufacturing and semiconductors. Also urged Foxconn to strengthen partnership with India,” Chandrashekhar said.

Foxconn, headquartered in Taiwan, is the world’s largest contract manufacturer, through its three manufactures in India for smartphones, EV components for Ather Energy and Ola Electric, for Apple, Xiaomi and HMD, television, boat and telecommunications for VU and Manufactures networking products for ZTE. units

“From March 2021, we have started business with market leading brands in new industries in which we are diversifying. These include Ather Energy Pvt Ltd (“Ather Energy”) and Ola Electric Technologies Pvt Ltd (“Ola Electric”) (electric vehicles), Vu Technologies Pvt Ltd (“VU”) (television), a major global telecommunications network customer and ZTE Huh. Telecom India Pvt Ltd (“ZTE”) (Telecom and Networking Products), and Imagine Marketing Pvt Ltd (“BOAT”), India FIH, formerly known as Rising Stars Mobile India, a Foxconn Technology Group company said in its addendum to the draft red herring prospectus (DRHP) filed on Wednesday.

India plans to raise FIH 5,000 crore from its initial public offering, for which it received approval from the market regulator earlier this month.

Foxconn Group, one of the world’s leading third-party electronics manufacturers, is also partnering with Vedanta Group to set up semiconductor manufacturing in India. In February this year, Foxconn and Vedanta entered into a joint venture headed by Vedanta Chairman Anil Agarwal, in which Vedanta will hold 60%. Vedanta Group plans to invest up to $15 billion over 5-10 years to manufacture displays and semiconductor chips in India. The investment will be done in a phased manner and will include an integrated display fabrication facility and a separate semiconductor plant.

On Thursday, Liu met Vedanta Group’s Global Managing Director of Display and Semiconductor Business Akash Hebbar to discuss the next steps in their proposed partnership to manufacture semiconductor chips in India.

“The joint venture will consider setting up a semiconductor manufacturing plant in the next two years. The Vedanta-Foxconn partnership will stave off an electronic component import bill of around $100 billion in the coming years. Vedanta and Foxconn are in talks with some state governments to finalize the location of the semiconductor unit soon.”

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