The government of Maharashtra has approved the proposal of Vedanta Group and Foxconn joint venture (JV) for setting up of semiconductors chips and display fabrications manufacturing facility at Talegaon near Pune.
The state of Maharashtra is expected to receive a total investment of Rs 2.06 trillion of which Vedanta-Foxconn JV will invest Rs 1.6 trillion and Rs 400 billion will be generated from other sources. The state of Maharashtra will provide a slew of incentives including 25 per cent capital subsidy, subsidised water and power supply, and land at concessional rates.
Spread across 1,000-acre, the facility is expected to create around 200,000 direct and indirect jobs, total revenues of goods and service tax (GST) worth Rs 1.25 trillion comprising Rs 375 billion state GST and Rs 880.79 billion as inter-state GST.
