NEW DELHI (AP) — Electronics large Foxconn backed out of a $19.5 billion semiconductor three way partnership with Indian mining conglomerate Vedanta Ltd. as a consequence of “external issues unrelated to the project.”

Hon Hai Technology, recognized internationally as Foxconn, and Vedanta Limited introduced their three way partnership to fabricate chips and show panels in India in February 2022. On Monday, Foxconn introduced it mutually agreed to half methods with Vedanta Limited.

“This is not a negative. There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project,” learn an announcement launched Tuesday from the Taiwan-based firm.

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Vedanta stated it has lined up different companions to arrange India’s first semiconductor foundry to create the chips which are utilized in cellphones, fridges and automobiles.

Prime Minister Narendra Modi’s authorities gave prime precedence to chipmaking as part of the country’s self-reliance policy by providing monetary incentives of as much as 50% of mission prices underneath a $10 billion plan for semiconductor and show manufacturing initiatives as India vies to turn out to be a key participant within the international provide chain.

India’s authorities leaders say they aren’t too frightened concerning the affect.

Minister of Electronics and Information Technology Ashwini Vaishnaw stated each firms are dedicated to India’s semiconductor mission, a part of the nation’s Make in India program to foster home growth.

Rajeev Chandrasekhar, junior minister for Electronics and Information Technology, stated Tuesday that Foxconn’s resolution may have no affect on India’s targets for semiconductor fabrication. “Both Foxconn and Vedanta have significant investments in India and are valued investors who are creating jobs and growth,” he stated in a tweet.

Foxconn manufactures Apple iPhones in India and plans to increase manufacturing within the nation, nevertheless it takes time to ascertain semiconductor operations, the corporate stated.

“Foxconn first entered India in 2006 and we are still here. The group looks forward to growing alongside India’s nascent semiconductor industry,” it stated in an announcement Tuesday. The Taiwan-based firm stated it’s working towards making use of to the federal government’s Modified Programme for Semiconductors and Display Fab Ecosystem and searching for different companions and stakeholders each inside India and overseas.

Several main investments by U.S.-based firms in India had been introduced throughout Modi’s visit to Washington in June, which included assembly with prime American and Indian executives because the United States tries to foster cooperation with India on synthetic intelligence, semiconductor manufacturing and house.

Micron Technology agreed to build a $2.75-billion semiconductor assembly and take a look at facility in India, with the American chip firm spending some $800 million and India financing the remaining. U.S.-based Applied Materials will launch a brand new semiconductor middle for commercialization and innovation in India, and Lam Research, one other semiconductor manufacturing gear firm, will begin a coaching program for 60,000 Indian engineers.