• Home
  • Laptops
  • Laptops News
  • Vedanta to Finalise Location for $20 Billion Chip, Display Plant by Mid June, Confirms Chairman Anil Agarwal

Vedanta to Finalise Location for $20 Billion Chip, Display Plant by Mid-June, Confirms Chairman Anil Agarwal

In February, Vedanta announced plans to form a joint venture with Taiwan's Foxconn.

Vedanta to Finalise Location for $20 Billion Chip, Display Plant by Mid-June, Confirms Chairman Anil Agarwal

Vedanta is seeking government incentives and is also in talks with several states on the unit's location

Highlights
  • First phase of Vedanta's project will entail an investment of $2 billion
  • India estimates its semiconductor market will reach $63 billion by 2026
  • Vedanta is yet to hold talks with PE firms
Advertisement

Vedanta will finalise a location for its $20 billion (roughly Rs. 1,55,273 crore) semiconductor and display plants in India by mid-June and will have the first chip product ready in two years, its Chairman Anil Agarwal said on Wednesday.

Oil-to-metals conglomerate Vedanta said in February it will diversify into chip manufacturing and announced plans to form a joint venture with Taiwan's Foxconn to support Prime Minister Narendra Modi'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 our technical partner. We may not take equity partner for the fab," Agarwal told Reuters in an interview in Davos, adding that the Apple contract manufacturer will have technical responsibility for the operation, from providing the tech to making semiconductors.

Vedanta is seeking incentives from Modi's government and is also in talks with several Indian states on the unit's location.

Agarwal said on the sidelines of the annual World Economic Forum the first phase of Vedanta's project will entail an investment of $2 billion (roughly Rs.15,523 crore).

Private equity wants to be part of India's semiconductor expansion and there was no shortage of funds, he said, while adding that Vedanta was yet to hold talks with PE firms.

India estimates its semiconductor market will reach $63 billion (roughly Rs. 4,89,004 crore) by 2026, compared with $15 billion (roughly Rs.1,16,431 crore) in 2020.

"You have to create another Taiwan in India," Agarwal said, noting that India will have to focus on bringing the entire semiconductor ecosystem locally for it to be a global powerhouse.

The Indian government has said it will expand incentives beyond an initial $10-billion (roughly Rs. 77,621 crore) plan for those investing in semiconductor manufacturing, as it aims to become a key player in the global supply chain for chips.


Should you pick Vivo over Galaxy S22 and OnePlus 10 Pro? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

BTC, ETH and Most Cryptocurrencies Fail to Gather Steam, Experts Blame Inflation
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2023. All rights reserved.
Trending Products »
Latest Tech News »