Despite the failed joint venture with Vedanta, Liu emphasized that Foxconn will maintain a close working relationship with the company to explore collaborative opportunities in various sectors. Both companies have recently collaborated on joint ventures in the fibre industry.

Foxconn’s decision to back out of the $19.5 billion joint venture with Vedanta, which was announced last September, did not deter Vedanta’s plans. Anil Agarwal, CEO of Vedanta, revealed that the company is in the process of finalizing a partnership with a “world-class” technology partner for its semiconductor unit in India. Agarwal reiterated Vedanta’s commitment to manufacturing semiconductors and display fab.

Agarwal also clarified that there was no animosity between Vedanta and Foxconn after the termination of the joint venture. The companies had differing visions for the partnership, with Foxconn preferring to be a downstream partner. Vedanta is actively seeking new partnerships and expects to make an announcement within the next few months.

Despite the challenges, Agarwal expressed Vedanta’s unwavering commitment to producing semiconductors and stated that the company has secured partners for this endeavor.

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