The Indian government is poised to deny crucial funding for Anil Agarwal's chip venture, Bloomberg News reported on Tuesday (May 30), a setback to the billionaire's ambition to build India's 'own Silicon Valley'. The authorities are likely to inform the venture between Vedanta and Taiwan's Foxconn that it
The Indian government is poised to deny crucial funding for Anil Agarwal's chip venture, Bloomberg News reported on Tuesday , a setback to the billionaire's ambition to build India's"own Silicon Valley".
The venture's application seeking billions in government assistance has not met the criteria set by the government, the report said. The project is still in search of a technology partner and a manufacturing-grade technology licence for the construction of 28nm chips, it added. The setback comes at a time when Agarwal's metals and mining conglomerate is already grappling with reducing its significant debt load.
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