Foxconn pulls out of India chip JV with Vedanta

Taiwan's Foxconn said on Monday it is pulling out of a joint venture with metals-to-oil conglomerate Vedanta Ltd that was set up to produce semiconductors from India. Foxconn and Vedanta signed a pact last year to invest $19.5 billion (Rs 1.61 lakh crore) to set up semiconductor and display production plants in the western state of Gujarat, seeking to tap into the country's plans to become an electronics major."Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta," the electronics manufacturer said in a statement