US semiconductor company GlobalFoundries is looking for regional partners to establish a chip fabrication facility.

GlobalFoundries had earlier conversations with a few local businesses. These ideas, however, could not come to fruition due to the companies' lack of knowledge and experience in producing electrical products, a source was cited as saying.

The source stated that it might take a couple of years before any concrete plans are finalised since these are long-drawn talks. The source added that the company is quite interested in investing in India because of the availability of talent in India.

It was earlier reported that the Vedanta-Foxconn joint venture had inked a memorandum of understanding with GF and European chipmaker STMicroelectronics for the technology to manufacture semiconductor chips. But, these talks fell through, and Foxconn walked out of the partnership in July.