Indian billionaire Anil Agarwal (pictured), chairman of Vedanta, who announced a jv with Foxconn to build an $18.6 billion fab in Gujarat, has not found any backers, reports Bloomberg.
Agarwal’s execs are said to have met with multiple funds from the MiddleEast, Singapore and the US without success.
The funds are reported to have cited Vedanta’s lack of experience in the semiconductor sector abd its stretched financials.
Agarwal’s spokesmen have said that Vedanta won’t be funding the jv and that will be done by Agarwal’s family trust Volcan which isn’t looking for outside investment.
The Indian government says it will pay half of the cost.
