Vedanta, Foxconn sign $20 billion semiconductor project in Gujarat

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Vedanta, Foxconn sign $20 billion semiconductor project in Gujarat
Vedanta, Foxconn sign $20 billion semiconductor project in Gujarat

For those investing in semiconductor manufacturing, the Indian government has said it will expand incentives beyond an initial $10 billion plan, as it aims to become a key player in the global supply chain for chips

To set up a $20 billion semiconductor project in the Indian state Gujarat, the home state of Prime Minister Narendra Modi, Vedanta Ltd and Taiwan’s Foxconn signed an agreement on Tuesday.

The joint venture (JV) obtained subsidies including on capital expenditure and electricity from Gujarat for the semiconductor project.

A chip and display facilities are planned to be built near the western state’s largest city, Ahmedabad.

Gujarat Chief Minister Bhupendrabhai Patel said the venture would create more than 100,000 jobs, and the state was prepared to extend any support to the project, which it won in a close race with India’s richest state, Maharashtra.

While oil-to-metals conglomerate Vedanta is financing the project as it looks to diversify into chip manufacturing, Foxconn is acting as the technical partner.

For those investing in semiconductor manufacturing, the Indian government has said it will expand incentives beyond an initial $10 billion plan, as it aims to become a key player in the global supply chain for chips.

After international consortium ISMC and Singapore-based IGSS Ventures, which are setting up in the southern states Karnataka and Tamil Nadu, respectively, Vedanta is the third company to announce a chip plant in India.

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