Anil Agarwal, Founder and Chairman of Vedanta Resources, on September 13 announced that the Vedanta-Foxconn joint venture had selected Gujarat for setting up its display fabrication and semiconductor facility.
Agarwal made the announcement in a series of tweets. "History gets made! Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of ₹1.54 lakh crores will help make India's #Atmanirbhar Silicon Valley a reality."
Indian conglomerate Vedanta and electronics manufacturing giant Foxconn signed a Memorandum of Understanding with the Gujarat government on Tuesday to set up the semiconductor and display FAB manufacturing unit in the state.
The MoU was signed in the presence of Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw, at a function held in Gandhinagar.
Speaking on the signing of the MoUs, Vedanta Chairman Anil Agarwal said, “We are delighted to announce that Gujarat will be the location for our display and semiconductor fab ventures. The state is well known globally for being a manufacturing hub and I hope that India's upcoming, cutting-edge electronics ecosystem will thrive, with every state benefitting to develop their electronic manufacturing hubs. We are privileged to take one step further in supporting Prime Minister Modi's vision of Aatm Nirbhar Bharat in this strategic sector.”
Union Minister for Electronics and Information Technology Ashwini Vaishnav said, “The project is in line with PM Narendra Modi’s vision for achieving self-reliance in the field of semiconductor manufacturing. I congratulate Vedanta and Foxconn for taking this initiative and bringing the semiconductor plant to India. The Gujarat plant will go a long way in helping build $1 trillion digital national economy.”
Both the companies would invest Rs 1,54,000 crore to set up the facility in Gujarat, which would create one lakh job opportunities, Gujarat Chief Minister Bhupendra Patel said on occasion.
Gujarat CM Bhupendrabhai Patel, speaking during the signing of the MoU, said, “This is a huge investment coming on the day when we complete 1 year in office which is also a testimony to the policy stability and policy support coupled with good governance & excellent infrastructure facilities existing in Gujarat. We will provide all help to the joint venture so that the plant can start its operations soon. We are determined to make our country more self-sufficient in tech and curb our reliance on imports from other countries. We sincerely hope that the hub will be the beginning of a bright future and attract investment from other multinational companies down the line.”
Patel also said his government will provide cooperation to set up the facility and to make it a success, as per PTI.
Foxconn is acting as the technical partner, while oil-to-metals conglomerate Vedanta is financing the project as it looks to diversify into chip manufacturing.
Foxconn said in a statement that the state's infrastructure and the government's active support "increase confidence in setting up a semiconductor factory," as quoted by Reuters.
In February this year, mining giant Vedanta signed a deal with Taiwanese contract manufacturer Hon Hai Technology Group (Foxconn) to form a joint venture to manufacture semiconductors in India, under a government programme to develop local semiconductors and display manufacturing ecosystem.
(With Inputs from agencies)
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