Govt To Reject Funding Application Of Vedanta-Foxconn

The Indian government is likely to reject crucial funding for Anil Agarwal's chip venture, said sources.  Notably, the government authorities will likely inform the joint venture between Taiwan's Foxconn and Vedanta that it will not be receiving incentives for the production of 28-nanometer chips. The announcement will be a blow to Anil Agarwal's dream of establishing India's version of Silicon Valley. The venture failed to meet government's criteria.