Apple Supplier Foxconn Drops $19.5B India Deal
Apple supplier Foxconn has decided to withdraw from a $19.5 billion joint venture project with Indian conglomerate Vedanta. This blows Indian Prime Minister Narendra Modi's plans to establish India as a global manufacturing powerhouse. The project aimed to bring semiconductor and display manufacturing to Gujarat. As tensions between the US and China escalate, American companies, including Apple, have urged their suppliers to diversify their supply chains beyond mainland China. Foxconn has already begun construction on several factory sites in India but the abandoned joint venture would have been one of the largest. Despite the withdrawal, Foxconn will continue building other factories in India, such as ones in Telangana and Bengaluru.