Apple iPhone manufacturer Foxconn has ended its planned joint venture with India’s Vedanta company, an almost $20 billion project to boost chip production in the country.
Foxconn was originally reported to have invest $118.7 million into the venture with Vedanta, a firm categorized as an oil-to-metals group. Now 16 months on, Reuters reports that Foxconn’s investment rose to $19.5 billion — and that Foxconn has quit the joint venture.
“Foxconn has determined it will not move forward on the joint venture with Vedanta,” said a Foxconn spokesperson in a statement seen by Reuters.
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