Vedanta

"We have been actively reviewing the landscape for optimal partners. Building fabs from scratch in a new geography is a challenge, but Foxconn is committed to invest in India," the company said in a statement. Foxconn and Vedanta had signed a MoU in 2022 to establish semiconductor and display production parts in Gujarat.

Foxconn stated that 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 an entity that is now fully-owned by Vedanta. Vedanta, on its part, said that it reiterates that it is fully committed to its semiconductor fab project and "we have lined up other partners to set up India’s first foundry.

Foxconn was supposed to execute a $19.5 billion semiconductor joint venture with metals to oil conglomerate Vedanta. Foxconn and Vendanta had signed a MoU in 2022 to establish semiconductor and display production parts in Gujarat, the home state of PM Modi.

As per a report by Axis Securities, it is followed by Hindustan Zinc at 24 per cent, Coal India at 10 per cent, ONGC at 8 per cent and Power Grid, Tata Steel, GAIL, Tech Mahindra and Piramal Enterprises at 5 per cent. Among the mid cap companies, REC has the best dividend yield at 10 per cent, followed by Sanofi at 9 per cent, Oil India at 8 per cent.

"In these uncertain times of global layoffs, I am reminded of a story that will always stay with me -- one of hope, unity and the power of believing in people. When we first took over HZL, instead of focusing on machines, we chose to put our focus on people who made this company what it was," Vedanta Chairman posted.

The MoUs were signed at the recently-concluded 'Korea Biz-Trade Show 2023' event organised by KOTRA, the state-funded trade and investment promotion organisation operated by the South Korean government, in collaboration with Korea's Ministry of Trade, Industry and Energy.

"India can help the world solve the climate crisis with technology and investment made in innovation in the energy sector. It's delightful to listen to PM Modi in India energy week," Joseph McMonigle, secretary general of International Energy Forum, said after the meeting.