Vedanta partners with Foxconn for semiconductors production
Vedanta partners with Foxconn – Vedanta, an Indian conglomerate, declared openly on Monday that it has constructed a mutual enterprise with electronics manufacturing services major Foxconn to generate semiconductors in India.
Following the government’s announcement of a Rs 76,000-crore program to improve the country’s electronic chip and display ecosystem, Vedanta is the first business to announce plans to invest in semiconductor manufacturing.
This is Vedanta’s second effort at entering the semiconductor industry, after its previous intentions to build up a display factory with a Rs 60,000 crore investment fell through.
Vedanta partners with Foxconn
‘According to the MoU (memorandum of understanding) inked between the two businesses, Vedanta would own the bulk of the JV’s shares, while Foxconn will be a minority shareholder,’ the statement stated.
The joint venture will be chaired by Vedanta Chairman Anil Agarwal, according to the statement.
The targeted project intends to invest in semiconductor manufacturing.
“It will give India’s local electronics sector a big boost.” The location of the plant is currently being discussed with a few state governments,” according to the statement.
The partnership between Vedanta and Foxconn comes in the wake of the government’s recent policy announcement for electronics manufacturing, as well as the PLI plan for incentivizing companies to contribute to the sector’s development.
“After the policy was announced, this will be the first joint venture in the electronics manufacturing field,” the statement continued.
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