Prime Minister Narendra Modi meets Foxconn chief, hails manufacturing plans for India

Prime Minister Narendra Modi met on Thursday with the Taiwanese manufacturing giant foxconPresident Young Liu and commended the company’s electronics manufacturing projects in the country.

“I am delighted to meet Mr. Young Liu, Chairman of Foxconn. I welcome their plans to expand electronics manufacturing capacity in Indiaincluding in semiconductors,” Modi said in a tweet.

The Taiwan-based company also plans to set up an electric vehicle manufacturing plant in India.

Foxconn’s electric vehicle manufacturing arm, Foxtron, plans to set up manufacturing plants in various locations in the Southeast Asiaincluding India.

Liu also met with Akarsh Hebbar, global general manager of Vedanta Group’s display and semiconductor business, to discuss the next steps of their proposed partnership to manufacture semiconductor chips in the country.

Vedanta and Foxconn signed a memorandum of understanding in February to form a joint venture in India.

Vedanta will hold 60% of the capital of the JV while Foxconn will hold 40%.

“The Vedanta-Foxconn partnership will, in the coming years, stop the electronics component import bill of approximately $100 billion. Vedanta and Foxconn are in discussions with some state governments, to finalize the location soon semiconductor units,” the companies said in a statement. statement.

It is the first joint venture in electronics manufacturing after the announcement of the Production Linked Incentive (PLI) program for semiconductor and display manufacturing.

Vedanta plans to invest about $15 billion incrementally over the next 5-10 years to build displays and semiconductor chips in India.

The joint venture will consider setting up a semiconductor manufacturing plant within the next two years, the companies said.

India, which aims to become a global semiconductor hub in the coming years, is set to pump $30 billion into its tech sector to achieve independence on chips so that it does not not be “held hostage” by global suppliers.

The Indian government recently announced an expenditure of 76,000 crore rupees (approximately $10 billion), under its Production Linked Incentives (PLI) scheme, separately for the development of a manufacturing ecosystem of semiconductors and electronic screens.

In recent years, India has actively promoted cooperation with Taiwan in the areas of trade, investment, tourism, culture, education and people-to-people exchanges. The two countries have also formed teams for the expansion of fruitful collaboration in education and skills development.

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