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Bond Market News

Foxconn Partners with Vedanta to Make Semiconductors in India

February 15, 2022

The world’s largest contract electronics manufacturer Foxconn and Indian metals and mining conglomerate Vedanta Ltd. have partnered by signing an MoU to make semiconductors in India in a move that may help alleviate the global chip shortage. Foxconn said it would invest $118.7mn to set up a JV company with Vedanta, with the Taiwanese company holding 40% of the stake and Vedanta will hold the remaining majority stake with Vedanta’s Anil Agarwal chairing the company. The location of the plant is still under discussion, Vedanta said.

Vedanta’s dollar bonds were trading stable with its 13.875% 2024s at 104.13, yielding 11.24%

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