Vedanta shares gain on progress in chip making plans

Vedanta shares gain as investors cheer progress in semiconductor biz plans

Shares of Vedanta gained a percent on July 19 as investors cheered progress in the company’s plans for the semiconductor business.

This comes after the Vedanta Group’s tie-up with technology and equity partners for its semiconductor fabrication project and with Innolux for its display fab unit.

Akarsh Hebbar, global managing director of Vedanta Semiconductors and Display, said on July 18 that the company "remains fully committed to building India’s first semiconductor and display fabs in Dholera Special Investment Region in Ahmedabad district, Gujarat".

At 9:32 am, shares of the metal major were trading 1 percent higher at Rs 284.35 on the BSE.

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Vedanta is awaiting government’s nod for incentives under a modified semiconductor production plan to begin construction of a plant in Gujarat for which its tapped technology and equity partners.

Vedanta Chairman Anil Agarwal had expressed in a tweet the company’s commitment to semiconductor manufacturing. Agarwal went on to call the semiconductor chips keys to young India's dreams.

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