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Vedanta to setup semiconductor production in India, ties up with Foxconn

The companies are in talks with various state governments to finalise the location of the plant.

Foxconn, the world’s largest electronics manufacturing company and Vedanta, one of India’s leading conglomerate, has signed an MoU to form a joint venture that will focus on manufacturing semiconductors in India. Anil Agarwal, Chairman of  Vedanta Limited will be the Chairman of the joint venture company.

The targeted project plans to invest in manufacturing semiconductors, boosting the domestic manufacturing of electronics in India. The companies are in talks with various state governments to finalise the location of the plant.

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Vedanta will hold the majority of the equity in the joint venture.

The joint venture is the first 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.

The Union Cabinet announced a production linked incentive scheme and committed Rs 76,000 crore for semiconductor production in the next 5-6 years. The programme aims to incentivise companies/consortiums focused on Silicon Semiconductor Fabs, Display Fabs, Compound Semiconductors / Silicon Photonics / Sensors (including MEMS) Fabs, Semiconductor Packaging (ATMP / OSAT), Semiconductor Design.

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SharathKumar Nair
Sharath is an ardent believer in the ‘Transhumanism’ movement. Anything and everything about technology excites him. At Analytics India Magazine, he writes about artificial intelligence, cybersecurity and the impact these emerging technologies have on day-to-day human lives. When not working on a story, he spends his time reading tech novels and watching sci-fi movies and series.

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