Foxconn, a Taiwanese multinational company and one of Apple's lead suppliers, has reportedly pulled out of a $19.5 billion joint venture project with the Indian organization Vedanta that would have brought display and semiconductor manufacturing capabilities to Gujarat.

“Foxconn has determined it will not move forward on the joint venture with Vedanta,” the company told CNBC. Foxconn also said that the decision it reached was a “mutual agreement,” but that the organization still believes in the country’s semiconductor aspirations.

“Foxconn is confident about the direction of India’s semiconductor development,” the business said in a statement. “We will continue to strongly support the government’s ‘Make In India’ ambitions and establish a diversity of local partnerships that meet the needs of stakeholders.”

Vedanta did not respond to a request for comment.

Foxconn has been investing heavily in various countries around the globe. Earlier in July 2023, the organization announced it would invest almost $250 million in northern Vietnam to build two new factories, according to Nikkei Asia. A planned $200 million factory will reportedly be built to produce charging equipment for EVs and other electronic devices while another $46 million plant will be constructed to make telecommunications components and dies. The anticipated completion dates for both of those facilities are January 2025 and October 2024, respectively.