Big companies including a Foxconn joint venture that bid for India's $10 billion semiconductor incentives are struggling due to the lack of a technology partner, a major setback for Prime Minister Narendra Modi's chipmaking ambitions
A planned $3 billion semiconductor facility in India by chip consortium ISMC that counted Israeli chipmaker Tower as a tech partner has been stalled due to the company's ongoing takeover by Intel, three people with direct knowledge of the strategy said.
The three sources said ISMC's $3 billion chipmaking facility plans are currently on hold as Tower could not proceed to sign binding agreements as things remain under review after Intel acquired it for $5.4 billion last year. The deal is pending regulatory approvals. ISMC consortium partners Next Orbit Ventures did not respond to a request for comment. Tower and Intel declined to comment. Singapore-based IGSS and India's federal IT ministry did not respond to requests for comment.Most of the world's chip output is limited to a few countries like Taiwan, and India is a late entrant. Amid much fanfare, in September, the Vedanta-Foxconn JV announced its chipmaking plans in Gujarat. Modi called the $19.
Deputy IT minister Chandrasekhar told Reuters during the May 19 interview the Vedanta-Foxconn JV was "struggling currently to tie up with a technology partner."In a statement, Vedanta-Foxconn JV CEO, David Reed, said they have an agreement with a technology partner to transfer technology with licenses, but declined to comment further.
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