Vedanta and Foxconn to invest billions in Indian chip and display fabs
Indian conglomerate, Vedanta, and Taiwanese electronics giant Foxconn, will invest approximately USD 19.5 billion to set up semiconductor and display production in the Indian state of Gujarat.
Vedanta has signed two Memorandum of Understandings (MoUs) with the Government of Gujarat to set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit in the Ahmedabad district of the state.
The decision to set up production in Gujarat comes after Vedanta and Foxconn in February earlier this year announced their intentions to form a joint venture company in India, as previously reported by Evertiq.
In a press release, Vedanta states that a project of this magnitude will attract electronics ecosystem players across the value chain – including equipment manufacturers, materials and equipment service providers, and so on – which according to the company will put the state of Gujarat on the global silicon map.
The planned semiconductor manufacturing fab will operate on 28nm technology nodes and the display manufacturing unit will produce Generation 8 displays catering to small, medium and large applications. Vedanta will hold 60% of the JV while Foxconn will own the remaining 40%. According to the press release, the plan is to set up a semiconductor manufacturing plant in the next two years.
The project is expected to require an investment in the sum of USD 19.5 billion and will provide employment to around 100,000 people.
“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,” says Vedanta Chairman Mr. Anil Agarwal, in the press release.
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