Apple supplier Foxconn has pulled out of a $19.5bn deal with Indian mining giant Vedanta to build a chip making plant in the country.
The move comes less than a year after the companies announced plans to set up the facility in Prime Minister Narendra Modi’s home state of Gujarat.
Some analysts saying that it would mark a setback to the nation’s technology industry goals.
However, a government minister says it will have no impact on the country’s chip making ambitions.
Earlier on Tuesday, Foxconn told the BBC that the decision was made in mutual agreement with Vedanta, which has assumed full ownership of the venture.
It added that it would continue to strongly support the government’s Make in India’ ambitions.
Earlier on Tuesday, Foxconn told the BBC that the decision was made in mutual agreement with Vedanta, which has assumed full ownership of the venture.
It added that it would continue to strongly support the government’s Make in India’ ambitions.
New Delhi-based Vedanta said it had lined up other partners to set up India’s first [chip] foundry.
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