Vedanta has unveiled that it will finalise a location for its $20 billion semiconductor and display plants in India by mid-June 2022. Besides, the company will have the first chip product ready in two years’ time.
Earlier, in February 2022, Vedanta said that it will diversify into chip manufacturing and announced plans to form a joint venture with Taiwan’s Foxconn to support country’s drive to make India a semiconductor manufacturing hub.
Vedanta has a total planned investment outlay of $20 billion for two separate units for chip and display manufacturing. Foxconn is the technical partner of Vedanta. The company also added that the Apple contract manufacturer will have technical responsibility for the operation, from providing the technology to making semiconductors.
Meanwhile, Vedanta is seeking incentives from the government and is also in talks with several Indian states on the unit’s location. Besides, the Indian government has said it will expand incentives beyond an initial $10-billion plan for those investing in semiconductor manufacturing, as it aims to become a key player in the global supply chain for chips.
