Taiwan’s
Foxconn said on Monday it has withdrawn from a $19.5 billion
semiconductor joint venture with Indian metals-to-oil conglomerate
Vedanta, in a setback to Prime Minister Narendra Modi’s chipmaking plans
for India.
Foxconn, the world’s largest contract electronics
maker, and Vedanta signed a pact last year to set up semiconductor and
display production plants in Modi’s home state of Gujarat.
“Foxconn
has determined it will not move forward on the joint venture with
Vedanta,” the electronics maker said in a statement, without elaborating
on the reasons.
Foxconn said it had worked with Vedanta for more
than a year to bring “a great semiconductor idea to reality”, but they
had mutually decided to end the joint venture and it will remove its
name from what now is a fully-owned Vedanta entity.
Modi has made
chipmaking a top priority for India’s economic strategy in pursuit of a
“new era” in electronics manufacturing and Foxconn’s move represents a
blow to his ambitions of luring foreign investors to make chips locally
for the first time.
Anonymous
11 comments:
https://youtu.be/-WuCGAs1IMQ
Good morning ALL
Just these two videos of India's forty eight (48) tactics of screwing those who had business dealings with them.
Russia and China as played out by them.
Anyone doing business with India deserved to be cheated. They only have themselves to be blamed. Many have lost their pants but pretend that all is fine.
Foxconn saw what happened to Wistron, another Taiwanese company servicing Apple in India, and Xiaomi and knows what is in store for them in their joint venture with Indian company Vedanta. Foxconn will be slowly forced to be under the control of their Indian partner, but it is not revealing this as a reason. This is to be expected. Doing business in India is no longer safe.
Apple is in a serious predicament, losing two important supporting players in its Indian venture. Of course Apple can depend on Vedanta now, but will it have the same level of expertise as Foxconn or Wistron? Let us see.
China, Taiwan and Japan all got conned by the Indians one way or another. Any others? India is going to be avoided like a leper by these three countries going forward. All big investors have their bad experiences in India, so which other small investor is going to take their place? Oh not to worry as Biden has promised Modi of USA investments in India. Good luck to the snakes.
Russia has learned its lesson well, being owed billions selling arms to India. Russia now demands payments in Yuan. That is a big slap on the face of the Indians. How could Russia not accept payments in the currency of a self proclaimed super power? Any deals with India must now be done with cash upfront, otherwise no deal.
Many have lost their pants in India. But they still love India and still dumping money into India. Guess who?
You will not be cheated if you give everything to India, close your eyes and pretend all is well.
Better, hire Indian talents to invest your money in India. Just trust them and let them play with your money hardearned money or OPM. Oops oops, invest with your money.
Let them play with your money is as good as 'buying turtles to throw into the sea'.
Even not letting them have your money, they will find ways to do it, like what they did to Xiaomi.
Setting up companies and working your guts out to succeed, and in the end having to give up control to Indians is just as silly.
Yeah, some even lost their pants in India, but still pretend all is well.
This is the new version called 'The Emperor's New Pants'. Only those who wore it can see it, and claim it is not nakedness. Or pantless?
They came, they saw, and they ran, some loosing their pants. Something is definitely not right.
https://youtu.be/pIVGU7BjLG0
China kena plucked by the Indians
Fool me once, shame on you. Fool me twice, shame on me.
Does India think it can continue to fool others again and again? Not so fast. First the trust has gone forever. Every country now knows India cannot be trusted. Every company now knows India is not safe for investing.
Russia now wants Yuan not Rupees for oil. China wants up front payments for things bought by India, eg EV and train wheels. India does not have the financial means to meet its obligations. Things are going from bad to worse.
India's ambition to be the 'factory of the world' falls flat. India's attempt to overtake China economically is just a wet dream.
Singapore has full faith in India for the long run, hoping to recoup their losses in 100 years. So putting in more money into India and encouraging more Singapore companies to go to India to earn rupees.
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