Foxconn

Apple supplier Foxconn has pulled out of a $19.5bn (£15.2bn) deal with Indian mining giant Vedanta to build a chip-making plant in the country. The move comes less than a year after the companies announced plans to set up the facility in Prime Minister Narendra Modi’s home state of Gujarat. Some analysts say it marks a setback to the nation’s technology industry goals. However, a government minister says it will have no impact on the country’s chip-making ambitions. “There was recognition from both sides that the project was not moving fast enough,” Taiwan-headquartered Foxconn said in a statement. “There were challenging…