According to a report by the Commercial Daily on July 11, Taiwan's Foxconn has officially terminated its collaboration with India's Vedanta by withdrawing from their US$19.5 billion semiconductor joint venture. The joint venture is now a 100% subsidiary of Vedanta. The company's withdrawal decision was reportedly due to delays in incentive approval from India's government. Despite the withdrawal, Foxconn still plans to submit an application to access incentives from India's semiconductor manufacturing policy to support the government's "Make in India" goal. Other than assembling iPhone and other Apple products, Foxconn has been expanding its reach to semiconductors to diversity its product coverage.
MIC (Market Intelligence & Consulting Institute) predicts a 4.1% year-on-year decline in the global semiconductor market, reaching approximately US$556.6 billion in 2023. Meanwhile, shipment value of the Taiwanese semiconductor industry is projected to reach NT$41.1 billion (US$1.37 billion) in the same year, down 6.9% year-on-year. Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan.