Vedanta chairman invites investment in semiconductor and display glass business

The Vedanta Group chairman went on to re-iterate his commitment to transform India into a semiconductor and diplay glass manufacturing hub.

Vedanta Chairman Anil Agarwal expressed Vedanta's commitment to semiconductor manufacturing via a tweet. Agarwal went on to call the semiconductor chips keys to young India's dreams, as he wrote in Hindi,   'issi chip mein chupi hai yuva bharat ke sapno ki chaabi'.

The tweet highlights the challenges the multinational mining company faces as it has forayed into the semiconductor business.

Agarwal urged companies all over the world to invest in the sector, citing the huge potential India has.

"We need several ventures to help India become a semiconductor and display glass hub. We welcome Foxconn and the whole world to come and invest in this sector," Agarwal said.

The chairman also expressed gratitude towards his team and towards the government for taking 'proactive steps' towards self-sufficiency in manufacturing semiconductor chips and display glass, the two sectors in which India and many other countries rely on China.

"We are thankful to our government for taking proactive steps towards realising the dream of atmanirbharta and electronics. I am proud of my team that has worked hard for the last one and a half years," Agarwal tweeted.

The mining industry veteran ended his tweet by claiming that India is unstoppable and said that the country will build another silicon valley here.

"Nobody can stop our country from building another silicon valley. This is a turning point for our country," the Vedanta Chairman tweeted.

Also, Vedanta in a clarification to the stock exchanges on July 12 said that the company has not received a formal communication from Foxconn stating their intention to withdraw from the Joint Venture Agreement and that it has come to their notice only through a news article.

Vedanta reiterated that it is fully committed to its semiconductor wafer fab project. The company’s relentless and steady efforts aim at fulfilling the Prime Minister's vision for semiconductors and the Company is committed to making India self-reliant in electronics. it added.

The company further stated that it will intimate the stock exchanges with all relevant developments concerning the matter and make necessary disclosures as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015.

On July 12, the Vedanta chairman also said that the company is committed to making sizable investments across business verticals in the coming years at the company’s annual general meeting (AGM) for FY23.