Vedanta-Foxconn joint venture to set up India's first chip factory
/PTI
Delhi/Ahmedabad, Sept 13
Mining conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn will make one of the largest-ever investments of Rs 1.54 lakh crore in setting up India’s first semiconductor plant in Gujarat.
The 60:40 joint venture of Vedanta-Foxconn will set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit on a 1000-acre land in the Ahmedabad district.
“The plant will start production in two years,” Vedanta chairman Anil Agarwal said after signing the memorandum of understanding (MoU) with the Gujarat government.
Semiconductor chips, or microchips, are essential pieces of many digital consumer products — from cars to mobile phones and ATM cards.
“This is the largest ever investment in Gujarat… ours will be the first semiconductor plant in the country,” Agarwal said, adding local manufacturing of chips will make laptops and tablets affordable.
Prime Minister Narendra Modi hailed the MoU as one that will boost the economy and create jobs.
To start production in two years
- The 60:40 joint venture of Vedanta-Foxconn will set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit in Ahmedabad district
- Out of the total investment, Rs 94,000 crore will go into setting up the display manufacturing unit while Rs 60,000 crore will be invested in the semiconductor manufacturing facility
- Semiconductor chips, or microchips, are essential pieces of many digital consumer products — from cars to mobile phones and ATM cards
Will boost economy
This MoU is an important step in accelerating India’s semi-conductor manufacturing ambitions. The investment of Rs 1.54 lakh crore will create a significant impact to boost the economy and jobs. — Narendra Modi, PM
Biggest investment
This is the largest-ever investment in Gujarat… ours will be the first semiconductor plant in the country. Local manufacturing of chips will make laptops and tablets affordable. — Anil Agarwal, chairman, Vedanta
