Vedanta had initiated these arbitration proceedings after the government had sought additional share of profit from the company, while renewing its licence for the oil block in Rajasthan s Barmer.
Semiconductor manufacturing is expensive and requires formidable technological expertise. After Foxconn and Vedanta split, both are looking for new partners.
Vedanta: Foxconn said it would not move forward on the joint venture with Vedanta. Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta, it said in a statement.