Vedanta's Agarwal said he supports Prime Minister Narendra Modi's drive to make India a semiconductor manufacturing hub, adding that "Foxconn is our technical partner"

The Taiwan iPhone maker is joining forces with Indian oil-to-metals group Vedanta to produce semiconductors in a $118 million deal

The acquisition comes as the nickel market is tightening with a surge in battery demand after an increase in global stainless steel production in recent years