Foxconn scouts for semiconductor partner after exiting Vedanta JV

Foxconn plans to apply for subsidies under India's semiconductor manufacturing subsidy scheme, the company announced, after exiting a $19.5 billion joint venture with Vedanta.

The Taiwanese company, maker of the iPhone for Apple, said it would seek support from the Modified Programme for Semiconductors and Display Fab Ecosystem, a $10 billion plan by the Indian government that offers manufacturers incentives of up to 50 percent of the capital costs in setting up semiconductor and display manufacturing plants.

"Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem," the company said in a statement. "We have been actively reviewing the landscape for optimal partners."

The company explained its breakup with Vedanta by saying "there was recognition from both sides that the project was not moving fast enough" and that the two sides discovered there were other "challenging gaps we were not able to smoothly overcome," but did not elaborate further.