Indian oil-to-metals conglomerate Vedanta announced plans to build a semiconductor plant in Gujarat alongside the world’s largest manufacturer of electronic components, Foxconn. Both businesses will contribute Rs 1.54 lakh crores to the construction of the state’s semiconductor factory. This is the biggest investment ever made by any group in an Indian state.
The Gujarat government and Vedanta and Foxconn inked a memorandum of understanding (MoU) on Tuesday to establish the facility in the state. At a gathering held in Gandhinagar, the MoU was signed in the presence of Ashwini Vaishnaw, Minister for Railways, Communications, Electronics & Information Technology.
A brief about Vedanta has Inked an MoU with Gujarat to Launch a $20 Billion Semiconductor Venture Alongside Foxconn:
Vedanta Semiconductors Limited would put up an integrated semiconductor fab unit and OSAT (Outsourced semiconductor assembly and test) facility in Gujarat with an investment of Rs 60,000 Cr. Vedanta Displays Limited will invest Rs 94,500 Cr. in a display fab unit in Gujarat. As a result, the two MoUs will jointly attract investment totaling more than 1.54 trillion rupees and create over 1 lakh new job opportunities in the state.
“This project will help fulfil Prime Minister Narendra Modi’s vision of creating a robust manufacturing base in India, reduce the nation’s reliance on imported electronics, and provide one lakh people with direct, skilled employment opportunities, transforming them from job seekers into job creators,” Agarwal said.
On twitter, Anil Agarwal, Chairman, Vedanta twitted that, “History gets made! Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of 1.54 lakh crores will help make India’s #Atmanirbhar Silicon Valley a reality”.
