BUSINESS

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BUSINESS

Foxconn is looking to replace Vedanta

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On the lookout

Foxconn is looking for a new partner for its semiconductor joint venture in India due to Vedanta's (current partner) recent financial troubles.

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Center's suggestion

Indian government suggested Foxconn find a new business partner due to Vedanta's financial instability. Foxconn is in early talks with two domestic groups.

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Vedanta's debt

Vedanta, the mining company, has been troubled by debts. The company has to pay $2.2 billion by the end of this financial year.

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Government unhappy

Vendata raised $450M from rivals, including Trafigura and Glencore International, to repay debts. This made the government question its financial health.

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Dispute over incentives

Foxconn and Vedanta have differences over the changes to their application for incentives under the India Semiconductor Mission.