Vedanta has told state governments that its operations would help them generate $2.2 billion in tax revenues over 20 years and create up to 100,000 direct and indirect jobs
Vedanta Ltd, one of the first to hop on the semiconductor manufacturing train after the government announced the chip-making incentive, is reportedly seeking 1,000 acres of free land from states and other incentives for its $20 billion foray into semiconductor and display manufacturing.
As per Reuters, though Vedanta is seeking federal incentives under a Modi programme offering fiscal support, it is separately asking states for land free of cost on a lease for 99 years. It needs 700 acres for its own facility and the remainder for ancillaries.
Vedanta had announced in February that it will diversify into chip manufacturing and announced plans to form a joint venture with Taiwan’s Foxconn to support Prime Minister Narendra Modi’s plans to make India a semiconductor manufacturing hub.
Vedanta has told state governments that its operations would help them generate $2.2 billion in tax revenues over 20 years and create up to 100,000 direct and indirect jobs.
The company is in advanced stages of reviewing proposals from at least three Indian states, Telangana and Karnataka in the south, and Maharashtra in west, added the publication.
As part of lobbying the states, Vedanta is demanding water and power at concessionary and fixed prices for a period of 20 years.
Singapore’s IGSS Ventures and ISMC, a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor, have also sought federal incentives under Modi’s programme.
