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Foxconn-Vedanta JV signs MoU with Gujarat Govt to set up ₹1.54 lakh crore ($20 billion+) chip and display manufacturing unit, PM Modi hails it

Source : India Today

Foxconn-Vedanta JV signs MoU with Gujarat Govt to set ₹1.54 lakh crore ($20 billion+) chip and display manufacturing unit, PM Modi hails it
Vedanta and Foxconn have signed an MoU with the Gujarat government to set up a semiconductor unit in the state.

Indian conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn signed a Memorandum of Understanding (MoU) with the Gujarat government on Tuesday to set up a semiconductor and display manufacturing unit in the state.

The unit will be set up with an investment of ₹1.54 lakh crore ($20 billion+), which is the largest-ever investment by any group in a state in India.

Prime Minister Narendra Modi took to Twitter and wrote, “This MoU is an important step accelerating India’s semi-conductor manufacturing ambitions. The investment of Rs 1.54 lakh crore will create a significant impact to boost economy and jobs. This will also create a huge ecosystem for ancillary industries and help our MSMEs.”

The investment will be in line with PM Modi’s vision of Aatmanirbhar Bharat and achieving self-reliance in the field of semiconductor manufacturing.

The MOU was signed in the presence of Gujarat Chief Minister Bhupendra Patel and Union Minister for Electronics and Information Technology, Ashwini Vaishnaw.

Vedanta Displays Limited will set up a Display Fab Unit in Gujarat with an investment of ₹94,500 crore and Vedanta Semiconductors Limited will set up an integrated Semiconductor Fab Unit and OSAT (Outsourced semiconductor assembly and test) facility in Gujarat with an investment of ₹60,000 crore. The units will generate around 1 lakh new employment opportunities in the state.

The proposed investment, by the Vedanta and Foxconn Group, in setting up India’s first display manufacturing fab unit and an Integrated Semiconductor fab unit with an OSAT facility will further support the development of upstream and downstream electronics manufacturing clusters and the establishment of healthy trade linkages.

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