Taiwan’s Foxconn has withdrawn from a $19.5 billion semiconductor joint venture with Vedanta as the venture struggled to get a technology partner to make chips that are used in mobile phones to refrigerators and cars.
Foxconn, best known for assembling iPhones and other Apple products, and Vedanta last year signed a pact to set up semiconductor and display production plants in Gujarat.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
