Foxconn says committed to India after Vedanta joint venture withdrawal

There was recognition from both sides that the project was not moving fast enough, Foxconn said in a statement.

The logo of Foxconn. Credit: Reuters File Photo

Taiwan's Foxconn said on Tuesday it is committed to India after having "mutually agreed to part ways" with Indian metals-to-oil conglomerate Vedanta on a semiconductor joint venture.

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"This is not a negative. There was recognition from both sides that the project was not moving fast enough. There were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project," Foxconn said in a statement.