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Bond Market News
Vedanta-Foxconn $19.5bn Deal Set to Be Called Off
July 11, 2023
Foxconn has announced that it will withdraw from a $19.5bn semiconductor joint venture with Vedanta. One reason for the decision was the concern over incentive approval delays by the Indian government, who raised questions over the joint venture’s application for a $10bn incentive scheme. This follows Vedanta’s acquisition of the joint venture from its sister concern Twin Star Technologies last Friday. The joint venture was made last year to set up semiconductor and display manufacturing plants in Gujarat and applied for the incentive scheme from the government. However, the joint venture’s progress was limited after talks to bring in STMicroelectronics as a partner reached an impasse a few months earlier. India has since re-opened applications for the incentive scheme.
Vedanta’s dollar bonds were lower by 1-1.5 points yesterday and its 8.95% 2025s are currently trading at 72.4 cents on the dollar.
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