Apple supplier Foxconn pulls out of $19.5 billion India chip project
Publishing timestamp: 2023-07-10 12:47:11
Summary
Foxconn has pulled out of a $19.5 billion joint venture with Indian conglomerate Vedanta to produce semiconductor and display components in India. This is seen as a blow to Indian Prime Minister Narendra Modi's ambitions to transform the country into a high-tech manufacturing powerhouse. The move comes as Apple and other American companies push their suppliers to diversify their supply chains away from China.
Sentiment: NEGATIVE
Keywords: business news, breaking news, china, technology, united states government, foxconn technology co ltd, apple inc, india,