Negotiations for joint ventures by top conglomerates such as Tatas and Vedanta with potential partners, especially from Taiwan, have made little headway due to firm terms. Global companies are adopting a wait-and-watch approach and prefer to go on their own due to technology transfer fears. Reliance Industries is also evaluating the market potential. Taiwan sees India as a potential ally against China and having manufacturing capacity and next-gen chip design ability is crucial. The major challenge is the absence of advanced fabrication facilities and expertise in India.