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Vedanta will soon have a tech partner for its semiconductor unit: Anil Agarwal at ‘Semicon India 2023’

Semicon India 2023

Semicon India 2023 – Vedanta chairman Anil Agarwal said on Friday, two weeks after canceling its joint venture with Foxconn, that the business has secured a “world class” technology partner for its semiconductor unit in India and is in the process of finalizing things.  

Agarwal stated at the ‘Semicon India 2023’ event on Friday that Vedanta is totally dedicated to manufacturing semiconductors and display fab.

“Have already identified a world-class tech partner for semiconductor and are in the process of tying up with them,” Agarwal said on Friday at the Semicon India 2023 event in Gandhinagar. 

Lauding Prime Minister Narendra Modi and the Gujarat state government for their determined efforts to make India a semicon hub of Asia, India is currently the best choice for investors because to the ease with which land can be acquired in India.  

“Investing in India would never fail you… “India is the land of entrepreneurs,” he says. 

Semicon India 2023

Foxconn, based in Taiwan, recently announced its intention to exit the $19.5 billion joint venture (JV) with Vedanta for semiconductor manufacture in India. The Vedanta-Foxconn joint venture, announced in September of last year, was one of the largest deals under the production-linked incentive system. 

After terminating the partnership with Foxconn, Agarwal stated that the company is 100% committed to creating semiconductors, for which it has lined up partners. 

“India is a land of opportunity with enormous potential.” Several enterprises are required to assist India in becoming a semiconductor and display glass hub. “We welcome Foxconn and the rest of the world to come and invest in this sector,” Agarwal said in a tweet. 

Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, stated that “not one person in the semiconductor global ecosystem” does not perceive India as a “very credible, viable, and fast charging destination for semiconductor investments and innovation.” 

He also stated that India is on track for the next ten years in the semiconductor field, with a $10 billion (about Rs 81,993 crore) investment, compared to China’s three decades of advancement. 

“We are on track to do in the next ten years with these USD 10 billion, what countries like China took 25-30 years and could not succeed,” Chandrasekhar said on Thursday.