In a major setback to mining mogul Anil Agarwal s chip-making venture, the government of India may block crucial funding to the venture to Vedanta Resources Ltd and Taiwan’s Hon Hai Precision Industry Co., the Bloomberg News reported quoting people familiar with the matter. aaa
The Vedanta-Foxconn JV in September last year signed a MoU with the Gujarat government to invest ₹1,54,000 crore to set up semiconductor and display manufacturing plant.
Vedanta Resources Chairman Anil Agarwal on Saturday said production at its semiconductor and display manufacturing unit in Gujarat will start within two and a half years of the groundbreaking ceremony.