New Delhi, Jul 10 (PTI) After withdrawal of Taiwanese electronic contract manufacturer Foxconn from its chip joint venture, Vedanta on Monday asserted that it is fully committed to its semiconductor project and has lined up other partners to set up India's first foundry.

Vedanta said that it has redoubled efforts to fulfil the Prime Minister Narendra Modi's vision for semiconductors and affirmed that India remains pivotal in repositioning global semiconductor supply chains.

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"Vedanta reiterates that it is fully committed to its semiconductor fab project and we have lined up other partners to set up India's first foundry. We will continue to grow our Semiconductor team, and we have the license for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer (IDM)," Vedanta said in a statement.

The company had announced plans to set up its chip plant in Gujarat with an investment of around Rs 1.5 lakh crore.

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However, its JV partner Foxconn has announced to pull out of the project.

"We will shortly acquire a licence for production-grade 28 nm as well. Vedanta has redoubled its efforts to fulfil the prime minister's vision for semiconductors and India remains pivotal in repositioning global semiconductor supply chains," the statement said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)