This undated photo shows the Foxconn Industrial Internet facility in Guangdong province. (PHOTO PROVIDED TO CHINA DAILY)

NEW DELHI - Foxconn Monday announced it has decided to pull out from a $19.5 billion semiconductor joint venture with Indian conglomerate Vedanta.

Foxconn said it is "working to remove the Foxconn name from what now is a fully-owned entity of Vedanta."

The move was seen as a setback to the chipmaking plans of India.

Foxconn, a global contract electronics maker, and Vedanta, an Indian multinational mining company, had inked an agreement in September 2022 to invest $19.5 billion to set up semiconductor and display production plants in Gujarat state.

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India's federal junior minister for electronics and information technology Rajeev Chandrasekhar Monday said Foxconn's decision would have no impact on India's semiconductor fabrication plant goal.