Foxconn and Vedanta to build $19bn India chip factory

Foxconn and Vedanta announce $19.5bn chip factory in India. Facility will be built in Prime Minister Narendra Modi’s home state of Gujarat. Project is expected to create 100,000 jobs in the state, which is headed for elections in December. India has vowed to spend $30bn to overhaul its tech industry in order to become less reliant on chip producers in places like Taiwan, the US and China. India’s own Silicon Valley is a step closer now, says Vedanta’s chairman.

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