Vedanta-Foxconn talks with Karnataka on chip unit stuck over sops: Report

Vedanta-Foxconn is checking with other states such as Maharashtra, Gujarat, and Telangana to ascertain if they can find a better offer than Karnataka

The joint venture (JV) between Vedanta-Foxconn has shown interest in setting up a semiconductor manufacturing unit in Karnataka but the talks have hit a roadblock between top executives and the state government officials, a media report said on Wednesday.

According to the Economic Times report, while the JV is considering an investment of $20 billion, it is seeking 20 per cent of the investment value in the form of incentives and concessions. The expectation is based on back-of-the-envelope calculations on the indirect tax revenues that will accrue to the state over the long term after the unit becomes operational, they