Anil Agarwal’s Vedanta partners with Taiwan’s Hon Hai Technology Group also known as Foxconn, to manufacture semiconductors in India. Foxconn is the world’s largest contract electronics manufacturer.
Vedanta is the first to announce a semiconductor manufacturing unit after the Center cleared the PLI scheme and investment of Rs.76,000 crore over the next five to six years, aimed at global chip shortage.
According to the PLI scheme, the Center will provide 50% of the project cost to the eligible companies.
The company is in talks with a few state governments to finalize the location of the plant.
According to the MoU signed between the two companies, Vedanta will hold a majority share and chair the venture. Foxconn will invest $118.7 million and hold 40% shares.
In January Vedanta Group shared the plan to invest $15 billion for making display and semiconductor chips in India, over the next 5 years. For the same, the company acquired AvanStrate, a Tokyo-based company, maker of glass used in LCD panels in December 2017 from the Carlyle Group.
