Taiwan’s Foxconn announced its intentions to pull away from a $19.5 billion semiconductor joint venture with Indian metals-to-oil conglomerate Vedanta after PM Narendra Modi’s chip-making plans for India.

Foxconn, the world’s largest electronics maker and Vedanta signed a pact to set up semiconductor and display production plans in Gujarat.

The electronics maker commented, “Foxconn has determined it will not move forward on the joint venture with Vedanta,”.

Foxconn said it had worked with Vedanta for more than a year to bring “a great semiconductor idea to reality”, but they had mutually decided to end the joint venture, and it will remove its name from what now is a fully-owned Vedanta entity.

Foxconn commented that it had been working with Vedanta for more than a year to bring “a great semiconductor idea to reality” but now has mutually decided to dissolve the joint venture and remove its name from it.

Foxconn is widely known for assembling iPhones and Apple products but has been looking to venture into chips to diversify its business.

India expects its semiconductor market to be worth $63 billion by 2026.