Vedanta-Foxconn Chip Plant To Come Up In Next 2 Years: Anil Agarwal

- Advertisement -

Vedanta had unveiled its plan to invest in semiconductor manufacturing after the government announced a Rs 76,000-crore package to boost electronic chip and display ecosystem in the country

Vedanta Group, which is among the first conglomerates to enter the semiconductor manufacturing fray after the announcement of the Rs 76,000 crore semiconductor policy of the government, will set up a semiconductor manufacturing plant in the next two years, chairman Anil Agarwal said.

The Indian conglomerate had already entered into a pact with electronics manufacturing giant Foxconn to form a joint venture (JV) for manufacturing semiconductors in India. Agarwal termed the signing up of the pact with Foxconn as a “very big job”, and said that the semiconductor industry will promote other sectors like automobiles and electronics in the country.

- Advertisement -

Vedanta had unveiled its plan to invest in semiconductor manufacturing after the government announced a Rs 76,000-crore package to boost electronic chip and display ecosystem in the country.

This is also the second attempt of Vedanta to enter the semiconductor space after its earlier plan to set up a display unit with about Rs 60,000 crore investment could not take off.

According to the memorandum of understanding earlier signed between the two companies, Vedanta will hold the majority equity in the JV, while Foxconn will be the minority shareholder. Vedanta’s chairman will be the chairman of the joint venture.

Discussions are currently ongoing with a few state governments to finalise the location of the plant, the company had earlier said.

“This will be the first joint venture in the electronics manufacturing space after the announcement of the policy,” the company had said.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

NVIDIA Record $26B Q1 Revenue, Announces Stock Split And Dividend Hike

0
The quarterly cash dividend has been raised by 150%, resulting in $0.01 per share on a post-split basis. NVIDIA reported first-quarter revenue for the period...

“AIC-T-Hub Aims To Grow Startups So More Indian Unicorns Can Contribute To The GDP”

0
T-Hub has collaborated with Atal Incubation Centre (AIC), initiated by the Atal Innovation Mission to incubate semiconductor startups, fostering innovation for India’s advancement in...

Pros And Cons: Boult’s Varun Gupta On Contract Electronics Manufacturing

0
While contract electronics manufacturing is not a new concept in India, it has lately picked up a pace never seen before. But what has...

Buzz

China Builds Third Fund of $47.5B to Support Semiconductor Sector

0
China sets to achieve next level of self-sufficiency as it sets up its third planned state-backed fund to bolster the country’s domestic chip industry.  On...

India’s Laptop Import Licensing System Questioned Again in WTO

0
WTO recently published a statement of its CIL meeting where China and Japan formally raised concerns about India’s laptop import monitoring system, which was...

Hyundai Mobis To Invest More In EV Parts, Chips

0
Hyundai Mobis, the top auto parts manufacturer in South Korea, announced its intention to increase investment in electric vehicle (EV) components and automotive chips...

Important Sectors

Hyundai Mobis To Invest More In EV Parts, Chips

0
Hyundai Mobis, the top auto parts manufacturer in South Korea, announced its intention to increase investment in electric vehicle (EV) components and automotive chips...

South Korea Announces $19B Support Package for Domestic Chip Industry

0
On May 23, 2024, South Korean President Yoon Suk Yeol announced a package worth 26 trillion won ($19 billion) to boost and empower its...

Vitesco Tech Delivers Electric Drive For Honda CR-V PHEV

0
This is the first integration of a Vitesco Technologies drive system into a hydrogen fuel cell electric vehicle (FCEV). Vitesco Technologies will provide its EMR3...

HCLTech to Take Over HPE’s Communication Tech Assets for $225M

0
IndianTech Giant HCLTech announces to expand its strategic partnership with Hewlett Packard Enterprise, buying the latter’s certain tech assets for $225M in cash.  IT service...

Google To Begin Pixel Production At Foxconn, Dixon In September

0
According to sources, Google's collaboration with Foxconn complements its plan to manufacture Pixel smartphones at the Dixon facility. Google is set to partner with Foxconn...

Manufacturing

Hyundai Mobis To Invest More In EV Parts, Chips

0
Hyundai Mobis, the top auto parts manufacturer in South Korea, announced its intention to increase investment in electric vehicle (EV) components and automotive chips...

Vitesco Tech Delivers Electric Drive For Honda CR-V PHEV

0
This is the first integration of a Vitesco Technologies drive system into a hydrogen fuel cell electric vehicle (FCEV). Vitesco Technologies will provide its EMR3...

Google To Begin Pixel Production At Foxconn, Dixon In September

0
According to sources, Google's collaboration with Foxconn complements its plan to manufacture Pixel smartphones at the Dixon facility. Google is set to partner with Foxconn...

Imec-Led European Labs To Get $2.7B From Chips Act Funding

0
Europe's chip revolution gains momentum with a €2.5 billion investment in cutting-edge pilot production line for sub-2nm technologies, aiming to elevate domestic production and...

EVR Motors Discusses Tech Sharing With Indian OEMs

0
The Israel-based EVR Motors designs Radial Flux Permanent Magnet (RFPM) motors and licenses this technology for manufacturing by OEMs and component makers. EVR Motors, an...