Foxconn has announced a partnership with Indian company Vedanta, which will produce semiconductors in India.

Under the deal, Foxconn will invest $118.7 million to create a joint venture with Vedanta which will be the main shareholder in the new company. Foxconn would hold 40% of the shares.

“This first-of-its-kind joint venture between the two companies will support Indian Prime Minister Narendra Modi’s vision to create an ecosystem for semiconductor manufacturing in India,” Foxconn said in a statement.

Foxconn, the world’s largest contract electronics maker, is using this strategy to invest its revenues in other areas, including electric vehicles (EVs) and semiconductors.

Foxconn, a major Apple supplier in 2021, has partnered with Yageo Corp to make semiconductor chips, and the company said it was in talks with related foundries to make chips for EVs.

For more information, read the original story in Reuters.