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Vedanta share price dips 2% after Foxconn exits.Vedanta share price dips 2% after Foxconn exits.

Vedanta share price dips 2% after Foxconn exits: Foxconn and Vedanta had previously entered into an agreement last year to establish semiconductor and display manufacturing facilities in Gujarat.

After Taiwan’s Foxconn said on Monday that it has left a $19.5 billion semiconductor joint venture with the metals-to-oil giant, Vedanta Limited’s share price fell 2% in early trade on July 11.Vedanta share price dips 2% after Foxconn exits.

Vedanta share price dips 2% after Foxconn exits: Vedanta was trading at Rs 278 per share at 9:53 a.m. on the National Stock Exchange, down 1.45% from the previous day’s closing. In the past six months, the stock has returned a negative 13%.

Vedanta share price dips 2% after Foxconn exits.

Vedanta share price dips 2% after Foxconn exits: The Taiwanese major withheld the precise rationale behind its choice. Foxconn stated that they are now attempting to separate the Foxconn name from the organization, which is now fully owned by Vedanta. A previous agreement between Foxconn and Vedanta to set up semiconductor and display manufacturing facilities in Gujarat was made last year.Vedanta share price dips 2% after Foxconn exits.

Vedanta share price dips 2% after Foxconn exits: Vedanta has claimed that it has lined up additional possible partners to establish production facilities in the wake of the company’s withdrawal.

According to Foxconn, the company emphasizes its commitment to assisting the government’s “Make In India” project and expresses confidence in India’s semiconductor development.Vedanta share price dips 2% after Foxconn exits.

Vedanta share price dips 2% after Foxconn exits: “We hold the license for production-grade technology for 40 nm from a well-known Integrated Device Manufacturer (IDM), and we will continue to expand our Semiconductor team. We’ll soon obtain a license for 28 nm production-grade technology as well, a firm representative told Moneycontrol.

The development happened shortly after the board of directors of the Anil Agarwal-led business gave the go-ahead to transfer shares at face value in order to buy a 100 percent investment in Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL).Vedanta share price dips 2% after Foxconn exits.

Vedanta share price dips 2% after Foxconn exits: The two are fully-owned subsidiaries of Twin Star Technologies Limited (TSTL), which is controlled by Volcan Investments Limited, Vedanta Limited’s ultimate parent company.

Moneycontrol experts’ opinions and investment advice are their own, not the views of the website or its administration. Before making any investing decisions, Moneycontrol recommends customers to seek the advice of qualified professionals.​​​​

The Vedanta news comes after Vedanta said on Friday that it will assume control of a joint venture established to produce semiconductors with Foxconn in Taiwan from its parent firm.

Vedanta share price dips 2% after Foxconn exits: The purchase of 100% of Twin Star Technologies Limited subsidiaries Vedanta Foxconn Semiconductors Private Limited and Vedanta Displays through a share transfer at face value was approved by the Vedanta board on Friday. The ultimate holding company of Vedanta Limited and the parent firm of TSTL is Volcan Investments Limited.

Recently, the Vedanta Foxconn JV resubmitted a proposal to establish a manufacturing facility for electronic chips under the amended semiconductor programme.

Vedanta share price dips 2% after Foxconn exits: For setting up semiconductor Fabs in India of any nodes, the government boosted the fiscal incentives under the amended scheme to 50% of the project cost. For the establishment of Display Fabs of specific technologies in India, a fiscal incentive of 50% of the project cost is provided.

The Vedanta JV planned to use a factory line with a capacity of 40,000 wafers per month to produce chips with a 40nm (nanometer) manufacturing process before switching to a 28nm process. The JV intended to spend Rs1.54 lakh crore setting up semiconductor and display fabrication facilities.

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Radhe

By Radhe

He is an extrovert born and raised in Muzaffarpur, Bihar.Writing for him has always been a way to escape from the sequences of the world and be an outcast. He is already a recognised writer of his age.

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