Taiwan's Foxconn has decided to withdraw from a $19.5 billion semiconductor joint venture with Vedanta , the latest business challenge for the Indian conglomerate led by Chairman Anil Agarwal.
Here are some details on Vedanta and its recent challenges:Anil Agarwal started his business in Mumbai as a scrap-metal dealer and bought his first company, a cable manufacturer, in 1976. He then expanded his empire across India, Zambia, Namibia, Ireland and South Africa and later entered the oil and gas sector.
London-headquarted Vedanta Resources controls the India unit, Vedanta Ltd. Agarwal took Vedanta Resources private in 2018. As of 2022, his net worth was $2 billion, ranking him 97th among India's richest, according to Forbes. Vedanta diversified in 2017 when a unit bought a stake in Japan's LCD glass substrate manufacturer AvanStrate. Agarwal's son-in-law Akarsh Hebbar currently heads Vedanta's display and semiconductor business.Vedanta Resources has been plagued by a rising debt pile. Credit ratings agency Moody's downgraded its rating on the company, while others raised concern about risks of a debt default.$6.
Foxconn pulled out of the JV on Monday, less than a year after it was a signed. Concerns about incentive approval delays by India's government aided Foxconn's decision to pull out of the venture, a source familiar with the matter told Reuters.
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