Will table white paper on Maha missing out on Vedanta-Foxconn project: Samant

The Maharashtra government will table a white paper on circumstances in which the VednataFoxconn project went outside the state in the monsoon session of the legislature state Industries Minister Uday Samant told news agency PTI on TuesdayWe will present a white paper on reasons behind the semiconductor project of VedantaFoxconn went outside Maharashtra We are working on it and it will be tabled in the monsoon session starting July 17 Uday Samant was quoted as saying by PTIThe minister said he was studying the factors based on which Foxconn announced its decisionI cannot comment on it without any proper information in my hand he saidFoxconn on Monday announced withdrawal from its chipmaking JV with Indian conglomerate VedantaTaiwans Foxconn has withdrawn from a USD 195 billion semiconductor joint venture with mining baron Anil Agarwals Vedanta Ltd as the venture struggled to get a technology partner to make chips that are used in mobile phones to refrigerators and carsIn a statement Foxconn the worlds largest contract electronics maker said it has determined it will not move forward on the joint venture with VedantaAgarwals metalstooil conglomerate responded saying it was fully committed to its semiconductor fab project and we have lined up other partners to set up Indias first foundryIt however did not give details of the new partnersFoxconn best known for assembling iPhones and other Apple products and Vedanta last year signed a pact to set up semiconductor and display production plants in GujaratEuropean chipmaker STMicroelectronics was being roped in as a technology partner for the venture but talks were deadlockedMost of the worlds chips are manufactured in a handful of countries and India which expects its semiconductor market to be worth USD 63 billion by 2026 is a late entrantThree applications one from the VedantaFoxconn joint venture another from a global consortium of ISMC and one from Singaporebased IGSS Ventures were received in response to the governments incentive scheme for local manufacture of semiconductorsJust last week Vedanta announced that it will acquire the semiconductor and display glass units from group company Twin Star Technologies LtdIt is to buy 100 per cent of Vedanta Foxconn Semiconductors Pvt and Vedanta Displays Ltd from Twin Star a unit of Vedantas ultimate parent Volcan Investments LtdIn a statement on Monday Foxconn said In order to explore more diverse development opportunities according to mutual agreement Foxconn has determined it will not move forward on the joint venture with VedantaFoxconn said it is working to remove the Foxconn name from what now is a fullyowned entity of VedantaFoxconn has no connection to the entity and efforts to keep its original name will cause confusion for future stakeholders Hon Hai Technology Group Foxconn saidThe statement said that for over a year Hon Hai Technology Group Foxconn and Vedanta have worked hard to bring a great semiconductor idea to reality It has been a fruitful experience that can position both companies strongly going forwardFoxconn is confident about the direction of Indias semiconductor development We will continue to strongly support the governments Make In India ambitions and establish a diversity of local partnerships that meet the needs of stakeholders it saidAfter the withdrawal Vedanta asserted that it is fully committed to its semiconductor project and has lined up other partners to set up Indias first foundryVedanta said that it has redoubled efforts to fulfill Prime Minister Narendra Modis vision for semiconductors and affirmed that India remains pivotal in repositioning global semiconductor supply chainsVedanta reiterates that it is fully committed to its semiconductor fab project and we have lined up other partners to set up Indias first foundry We will continue to grow our semiconductor team and we have the license for productiongrade technology for 40 nm from a prominent Integrated Device Manufacturer IDM Vedanta said in a statementThe company had announced plans to set up its chip plant in Gujarat with an investment of around Rs 15 lakh croreWe will shortly acquire a license for productiongrade 28 nm as well Vedanta has redoubled its efforts to fulfill the prime ministers vision for semiconductors and India remains pivotal in repositioning global semiconductor supply chains the statement saidWith inputs from PTI