Gujarat is Vedanta's pick for $20 billion semiconductor foray, MoU signed
India Today
In a first major step in its $20-billion joint venture with Foxconn, Vedanata has picked Gujarat to set up a semiconductor and display FAB manufacturing unit.
Vedanta, India's oil-to-metals conglomerate, announced that the company and electronic manufacturing giant Foxconn will set up a semiconductor plant in Gujarat. Both the companies will invest Rs 1.54 lakh crores for establishing the semi-conductor facility in the state. This is the largest ever investment by any group in a state in India.
On Tuesday, Vedanta and Foxconn also signed a memorandum of understanding (MoU) with the Gujarat government to set up the unit in the state. The MoU was signed in the presence of Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw, at a function held in Gandhinagar.
Vedanta Displays Limited will setup a Display Fab Unit in Gujarat with an investment of Rs 94,500 Cr and Vedanta Semiconductors Limited will setup an integrated Semiconductor Fab unit and OSAT (Outsourced semiconductor assembly and test) facility in Gujarat with an investment of Rs 60,000 crore. Thus, the two MoUs, together, will bring investment of more than 1.54 lakh crore and generate around 1 lakh new employment opportunities in the state.
Anil Agarwal, Chairman, Vedanta Resources Limited, said in a tweet, "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" (sic).
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. (1/4)
