(Reuters) – Taiwan’s Foxconn said on Monday it had withdrawn from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta, in a setback to Prime Minister Narendra Modi’s chipmaking plans for India.
Foxconn, a major Apple supplier and the world’s largest contract electronics maker, has been attempting to break into making chips as it seeks to diversify and expand into the electric vehicle market.
Here is a timeline with key moves in Foxconn’s efforts to get into chip making:
MAY 2021
Foxconn forms a joint venture with Yageo Corp to expand its presence in the semiconductor industry.
AUGUST 2021
Foxconn buys a chip plant from Taiwan chipmaker Macronix International for T$2.52 billion ($80.48 million).
JULY 2022
Foxconn discloses it is a shareholder in embattled Chinese chip conglomerate Tsinghua Unigroup via a 5.38 billion yuan ($747.25 million) investment by a subsidiary, but fails to seek prior approval from Taiwan’s government for the scheme.
SEPTEMBER 2022
Vedanta and Foxconn agree to set up semiconductor and display production plants in the Indian state of Gujarat.
NOVEMBER 2022
Foxconn hires Chiang Shang-yi, a former top executive at Taiwan’s TSMC, the world’s largest contract chipmaker, and Chinese chipmaker SMIC, to lead its growing push in the chip business.
DECEMBER 2022
Foxconn says it agrees to sell its entire stake in Tsinghua Unigroup.
JANUARY 2023
Taiwan’s government fines Foxconn T$10 million for its unauthorised investment in Tsinghua Unigroup.
JUNE 2023
Carmaker Stellantis and Foxconn create a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. The joint venture, called SiliconAuto, will supply Stellantis, including its new ‘STLA Brain’ electronic and software architecture, Foxconn and other customers.
JULY 2023
Foxconn withdraws from semiconductor joint venture with Vedanta.
($1 = 7.1997 Chinese yuan renminbi, 31.3130 Taiwan dollars)
(This story has been corrected to fix the heading to SEPTEMBER 2022 from SEPTEMBER 2023 in paragraph 7)
(Reporting by Ben Blanchard; Editing by Sonai Paul)
