Vedanta Limited has committed USD 15 billion to enter the electronic chip and display manufacturing space. The firm has plans to scale up the investment to as much as USD 20 billion. Vedanta subsidiary Avanstrate will lead the semiconductor business.
The company expects to roll out display units for mobile phones and electronic devices by 2024, and electronic chips from Indian manufacturing plants by 2025.
"Semiconductor is a long-term business. We are looking at about USD 10 billion on display. Right now we are looking at USD 7 billion in semiconductors that may also go up by another USD 3 billion to further extend it. First 10 year we have engaged to invest up to USD 15 billion. We will evaluate further investment at a later stage," Akarsh Hebbar, Managing Director, Avanstrate, told Press Trust of India.
Cairn India Holdings Ltd, a wholly owned subsidiary of Vedanta Limited had bought a controlling stake in Avanstrate Inc, a Japanese glass substrate manufacturer in 2017. Avanstrate has applied for setting up a semiconductor plant and a display manufacturing unit in India.
Vedanta Limited has recently signed a MoU with Foxconn to form a joint venture focused on manufacturing semiconductors in India. Vedanta is the first company to announce the joint venture in the electronics manufacturing space after the Government of India announced a production linked incentive scheme for semiconductor and display board production in the country.
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