The Indian telecoms-to-energy conglomerate is looking to protect its supply chains after shortfalls scuppered its plans in recent years

Explaining its breakup with Vedanta, Foxconn said "there was recognition from both sides that the project was not moving fast enough"

Prime Minister Narendra Modi has earmarked chipmaking as a top priority for India and Foxconn's withdrawal will be seen as a major blow

Vedanta's Agarwal said he supports Prime Minister Narendra Modi's drive to make India a semiconductor manufacturing hub, adding that "Foxconn is our technical partner"

The Taiwan iPhone maker is joining forces with Indian oil-to-metals group Vedanta to produce semiconductors in a $118 million deal

The acquisition comes as the nickel market is tightening with a surge in battery demand after an increase in global stainless steel production in recent years