Vedanta, Foxconn partner up to produce semiconductors in India
This is a first-of-its-kind joint venture between the two companies that is slated to support Indian Prime Minister Narendra Modi's vision to create an ecosystem for semiconductor manufacturing in India
In a recent development, Anil Agarwal led Vedanta and Taiwan's Foxconn are all set to manufacture semiconductors in India. Earlier this week the duo announced the signing of an MOU to form a joint venture company that will manufacture semiconductors in India.
This is a first-of-its-kind joint venture between the two companies that is slated to support Indian Prime Minister Narendra Modi's vision to create an ecosystem for semiconductor manufacturing in India.
According to the MOU signed between the two companies, Vedanta will hold the majority of the equity in the JV, while Foxconn will be the minority shareholder. As per a press release, Vedanta Chairman Anil Agarwal will be the Chairman of the joint venture company.
The targeted project plans are aimed at investing in manufacturing semiconductors and are expected to provide a significant boost to the domestic manufacturing of electronics in India. This is reportedly among the first joint ventures in the electronics manufacturing space after the announcement of the policy.
The release cited that discussions are currently ongoing with a few state governments to finalize the location of the plant. The collaboration between Vedanta and Foxconn follows the Indian government's recent policy announcement for the Electronics Manufacturing & PLI scheme for incentivizing organizations that can contribute towards the development of this sector. The Indian government had recently announced a Rs 76,000 crore production-linked incentive (PLI) scheme for semiconductor and display manufacturing in an attempt to boost local production.
While Vedanta Group is a globally diversified group of companies with a presence in metals, mining, oil & gas, power, telecom, and glass, Taiwanese firm Hon Hai Technology Group(Foxconn) is one of the world's leading electronics manufacturers.
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