The news follows Taiwanese chip major Foxconn pulling out from a joint venture with Vedanta to set up semiconductor and display production plants in Gujarat.
India’s metals-to-oil conglomerate Vedanta is awaiting the government’s nod to commence work on its semiconductor plant in the western Indian state of Gujarat. The company is awaiting approval from the government for incentives to begin India’s first semiconductor factory and has already tapped technology and equity partners for the same.
“We will await the Government of India’s nod to our applications under the modified scheme for semiconductor and display fabs. Thereafter, we will immediately begin construction and set out on the path to make India atmanirbhar in electronics in line with the vision of our Prime Minister,” said global managing director at Vedanta Semiconductors and Display Akarsh Hebbar.
Additionally, Vedanta has engaged with over 100 key suppliers across the globe and ancillary industries. Other than a semiconductor fab, the company has also partnered with Taiwan’s Innolux for display fab manufacturing. Vedanta’s Hebbar, however, did not disclose any more details.
“Vedanta Group remains fully committed to building India’s first semiconductor and display fabs in Dholera Special Investment Region in Ahmedabad district, Gujarat. Substantial progress has happened to tie up technology and equity partners in semiconductors and we will make an announcement soon,” Hebbar added.
Hebbar’s comments follow Taiwanese chip major Foxconn pulling out from a joint venture with Vedanta to set up semiconductor and display production plants in Gujarat. The investment was valued at $19.5 billion. Despite Foxconn’s withdrawal, Vedanta later announced to enter the semiconductor space with the backing of other partners. Foxconn, on the other hand, stated that it remains committed to investing in India and intends to submit an application to access incentives under the country’s semiconductor manufacturing policy.
Elsewhere, American multinational chip developer Micron Technology signed a memorandum of understanding with the government of Gujarat last month for setting up a semiconductor facility in the state. The unit will be Micron’s first factory in the country and will be constructed in Sanand, near the city of Ahmedabad in Gujarat. The company is expected to manufacture the first chips within 18 months. Micron Technology will invest up to $825 million over the two phases of the project and will create up to 5,000 new direct jobs and 15,000 community jobs over the next several years.