Foxconn said on that it is working on plans to apply for incentives under the semiconductor and display fab programme, a day after announcing its withdrawal from its chip-making joint venture with Indian conglomerate Vedanta, as the contract manufacturer pledged its commitment to India. The Taiwanese electronics conglomerate stated that it has been actively reviewing the landscape for optimal partners. The remark is significant in light of Foxconn's withdrawal from the $19.5 billion semiconductor joint venture with Vedanta.

"We welcome a diverse set of stakeholders, both inside and outside India, who want to see India advance and can complement Foxconn's world-class supply chain management and manufacturing efficiency," Foxconn said in a statement.

Foxconn stated that it "is working towards submitting an application related to Modified Programme for Semiconductors and Display Fab Ecosystem." Foxconn believes the country will be able to successfully establish a robust semiconductor manufacturing ecosystem. "It will take some time." Foxconn first entered India in 2006 and is still present today. "The group is excited to grow alongside India's emerging semiconductor industry," it said.