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Apple supplier Foxconn pulls out of $19.5 billion India chip project

Source: cnbc.com cnbc.com
News Snapshot:

A man walks past the barricade of India's first Apple retail store, that will be launched soon, at Jio World Drive Mall, in Mumbai, India, April 5, 2023. Lead Apple supplier and global manufacturing powerhouse Foxconn has pulled out of a $19.5 billion joint venture project with an Indian conglomerate that would have brought semiconductor and display manufacturing to the Indian state of Gujarat. "Foxconn has determined it will not move forward on the joint venture with Vedanta," the Taiwan company told Reuters in a statement. The move is a significant blow to Indian prime minister Narendra Modi's ambitions to…

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