Foxconn Will Develop Chips With Vedanta Due To Global ShortageInfodeal users
The Indian Company Vedanta will be developing semiconductors with Foxconn to handle the chip shortage currently going on worldwide. Vedanta group is a conglomerate business and its planning to take advantage of the chip shortage to grow its business worldwide.
Foxconn is the biggest electronic producer and it has been a major supplier to Apple. It is also trying its hands in the manufacturing of semiconductors and Electric Vehicles.
A memorandum of understanding has been signed between the two companies for developing semiconductors. It is believed that the collaboration between the two giant manufacturers will increase the production of electrical goods in India along with being self-sufficient in the production of own goods.
As per the reports, 118.7 million will be invested by Foxconn to construct a company with a shareholding of 40 percent with Vedanta. The majority of the shares will be of Foxconn.
In a joint statement by the companies, they stated that it will be developing semiconductors and this will, in turn, support the vision that Prime Minister Narendra Modi holds of developing an ecosystem of semiconductors.
Taiwan’s Foxconn company has been making semiconductors for years now to satisfy the increasing need. From cars to electric vehicles to mobile everything depends on semiconductors. Foxconn has also collaborated with Yageo to develop semiconductor chips.
The future plans of the company involve becoming the leading producer of semiconductor chips and finding a grip in the electrical vehicles market. It is planning to make chips for electric vehicles and is currently thinking of finding a company to collaborate with.