Vedanta Selects Gujarat for $20 Billion Semiconductor Project in Partnership With Foxconn: Report

Vedanta, the Indian multinational mining company, has reportedly selected Gujarat for its upcoming semiconductor project. This will be the company's first major step in its $20 billion (roughly Rs. 1,59,070 crore) joint venture with Taiwanese electronics manufacturer Foxconn. The company has reportedly obtained financial and non-financial subsidies including on capital expenditure and cheap electricity from Gujarat to build the semiconductor plants. Vedanta sought 1,000 acres of land free of cost on a 99-year lease and fixed prices for water and power, as per a report, which says that other states such as Maharashtra, Telangana, and Karnataka were also vying to host the company's upcoming project.

According to a report by Reuters citing two unnamed sources, the Indian multinational mining company Vedanta has picked Gujarat for its upcoming semiconductor project in partnership with Taiwan-based Foxconn.

As mentioned earlier, this is Vedanta's first major step in its $20 billion (roughly Rs. 1,59,070 crore) joint venture with the smartphone manufacturer from Taiwan. In order to build the semiconductor plants, Vedanta is said to have obtained both financial and non-financial subsidies including on capital expenditures and low-cost electricity.

The project is expected to include display along with semiconductor facilities near Ahmedabad. The Indian company had sought 1,000 acres of land free of cost on a 99-year lease along with water and power at a fixed, low price for 20 years, according to the report, which states that Gujarat beat Maharashtra, which was also in the running to host the project.

An official announcement regarding the project is expected to take place this week with both the sides signing a memorandum of understanding, as per the report.