Key Points:
- Foxconn pulls out from a joint venture with Vedanta.
- The collaboration was announced for a semiconductor factory.
- It is said that the deal was ended mutually.
Foxconn is a very popular name in the world of technology as the company is manufacturing iPhones and the company announced a joint venture with Vedanta, an oil and metal corporation, to build a semiconductor plant in India.
However, now it is announced that Foxconn is quitting the deal that is reportedly worth $19.5 billion and it is also said that the deal was ended mutually. But it looks that Vedanta will move ahead with other partners.
It is a very disappointing announcement for the market of India and the efforts of the government towards the growth of the economy. Having said that, the upcoming factory will be coming in the state of Gujarat in the country.
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