Vedanta to set up semiconductors and display fab units in Gujarat, India
In a move that aims to put India on the global silicon map and make the country self-sufficient in the critical area of semiconductors and displays, Vedanta, the world's sixth largest diversified natural resources group, signed two Memorandum of Understanding (MoUs) with the Government of Gujarat to set up a semiconductor fab unit, a display fab unit and a semiconductor assembling and testing unit in the key industrial state, in line with Prime Minister Narendra Modi's vision to make the country a hub of futuristic technologies
Project envisages investment of USD 20 billion, employment to 100k people
AHMEDABAD, India, Sept. 16, 2022 /PRNewswire/ -- In a move that aims to put India on the global silicon map and make the country self-sufficient in the critical area of semiconductors and displays, Vedanta, the world's sixth largest diversified natural resources group, signed two Memorandum of Understanding (MoUs) with the Government of Gujarat to set up a semiconductor fab unit, a display fab unit and a semiconductor assembling and testing unit in the key industrial state, in line with Prime Minister Narendra Modi's vision to make the country a hub of futuristic technologies.
The project, which will be taken up by the Vedanta-Foxconn JV announced earlier this year, envisages a total investment of USD 20 Billion and an employment potential of around 100,000 people. Vedanta will hold 60% of the equity in the JV while Foxconn will own 40%. The JV will look at setting up a semiconductor manufacturing plant in the next two years.
The MoU signing ceremony was attended by Union Minister Shri Ashwini Vaishnav, Gujarat Chief Minister Shri Bhupendrabhai Patel, Vedanta Group Chairman Anil Agarwal, Vedanta's Global Managing Director, Display and Semiconductors, Akarsh Hebbar, Mr. Brian Ho, VP, Foxconn Semiconductor Group and a host of other dignitaries.
