November 22, 2024

“Foxconn Chief Meets PM Modi to Discuss India’s Semiconductor Expansion Plans”

The Entrepreneur Bytes Team July 28, 2023 192

Foxconn’s Chief meets PM Modi in Gujarat during the Semicon India 2023 conference, discussing plans to expand semiconductor manufacturing capacity in India. The meeting comes days after Foxconn’s withdrawal from a $20 billion JV with Vedanta, indicating optimism about India’s semiconductor vision. Micron Technology’s CEO also met PM Modi, further reinforcing India’s ambitions to become a global hub for semiconductor design and manufacturing.

Foxconn Chief Meets PM Modi in Gujarat, Discusses Expansion of Semiconductor Manufacturing in India
Foxconn Chief Meets PM Modi in Gujarat, Discusses Expansion of Semiconductor Manufacturing in India

In a significant development for India’s semiconductor industry, Foxconn’s chief, Young Liu, met with Prime Minister Narendra Modi during the Semicon India 2023 conference held in Gandhinagar, Gujarat. The meeting gains significance as it comes just days after the Taiwanese tech giant withdrew from a $20 billion joint venture, Vedanta Foxconn Semiconductors Limited, that was slated to establish India’s first chip manufacturing plant. Despite the setback, Foxconn expressed its intention to independently apply for building a semiconductor manufacturing facility in India.

During their meeting, Prime Minister Modi welcomed Foxconn’s plans to expand semiconductor and chip manufacturing capacity within India, signaling the government’s commitment to fostering an advanced semiconductor ecosystem in the country. Foxconn conveyed its optimism about India’s “Make In India” semiconductor vision, emphasizing its commitment to being a reliable partner and contributing to India’s technological advancements.

The Semicon India 2023 conference, aimed at attracting investments in India’s nascent semiconductor ecosystem, commenced in Gujarat’s capital city with the presence of Prime Minister Narendra Modi. The conference’s theme, ‘Catalysing India’s Semiconductor Ecosystem,’ underscores the country’s ambition to emerge as a global hub for semiconductor design, manufacturing, and technology development. PM Modi reiterated the government’s support for the semiconductor industry, announcing that technology firms will receive 50 percent financial assistance for setting up semiconductor manufacturing facilities in India, showcasing the government’s determination to create an enabling environment for chipmakers.

During the same event, PM Modi also met with Sanjay Mehrotra, President and CEO of Micron Technology, a prominent semiconductor player. Micron Technology has selected Gujarat’s SANAND Industrial Park (Gujarat Industrial Development Corporation – GIDC) for establishing a new assembly and test facility, expected to commence operations in 2023.

The Semicon India 2023 conference is jointly organized by the India Semiconductor Mission and industry associations with a vision to catalyze India’s semiconductor industry and propel it to greater heights. With the backing of the government and the interest of major tech players like Foxconn and Micron, India’s semiconductor industry is poised for transformative growth, fostering innovation and contributing to the nation’s technological advancement.

Sources By Agencies

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