AppleInsiderissupportedbyitsaudienceandmayearncommissionasanAmazonAssociateandaffiliatepartneronqualifyingpurchases.Theseaffiliatepartnershipsdonotinfluenceoureditorialcontent.
AppleiPhoneassemblypartnerFoxconnisworkingwithVedantatoproducesemiconductors,amovethatcouldhelpeasetheglobalchipshortagebyboostingproductioninIndia.
InadealannouncedonMonday,theTaiwaneseFoxconnsaidithassignedamemorandumofunderstandingwithVedanta,anoil-to-metalsgroup,toproducesemiconductors.Theinitiativewillcreateajointventurecompany,whichwouldbea"significantboosttodomesticmanufacturingofelectronicsinIndia."
Aspartoftheagreement,Foxconnwillinvest$118.7millionintothecompany,reportsReuters,andwouldhold40%oftheshares,whileVedantabecomesthemajorityshareholder.
Theproposalstandsto"supportIndianPrimeMinisterNarendraModi'svisiontocreateanecosystemforsemiconductormanufacturinginIndia,"Foxconn'sstatementadds.
WhileFoxconnisamajorpartnerofApple,handlingiPhoneassemblyamongothertasks,itprobablywon'thavemuchofanimpactontheApplesupplychain.FoxconnhasexpressedaninterestinbuildingelectricvehicleplantsintheU.S.,Thailand,andEurope,asittriestooffsetslowingsmartphoneindustrygrowth.
AppleandFoxconndoworktogetherinIndia,withthelatterassemblingiPhonesforthelocalmarket.However,unsanitaryconditionsatonefacilitypromptedaprotestinlate2021andforAppletoputtheplant"onprobation,"forcinganimprovementinworkingconditionsattheplant.
Thishasn'tstoppedApplefrompressingonwardsinIndia,advisinginNovemberitwasplanningtoexpandandtrialnewmanufacturingprocessesinthecountry.
