Hon Hai ditches Vedanta chip plan in blow to India

Hon Hai Precision Industry Co (鴻海精密), also known as Foxconn Technology Group (富士康科技集團), yesterday said that it has withdrawn from a US$19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta Ltd, in a setback to Indian Prime Minister Narendra Modi’s chipmaking plans for India.