Apple supplier drops out of $19.5 bln India factory plan

Apple supplier Foxconn has pulled out of a $19.5 billion deal with Indian mining giant Vedanta to build a chip-making plant in the country, according to its statement on Tuesday.

However, Rajeev Chandrasekhar, India’s Minister of State for Electronics and Information Technology, said on Twitter that Foxconn’s decision had “no impact on India’s semiconductor fabrication goals.”

Under Foxconn’s decision, the joint venture will now be fully owned by Vedanta, which entered India for the first time in 2006, still there, and the group is looking to grow alongside India’s fledgling electronic chip industry.