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India’s Vedanta to Announce Semiconductor Plant Location

Vedanta’s Agarwal said he supports Prime Minister Narendra Modi’s drive to make India a semiconductor manufacturing hub, adding that “Foxconn is our technical partner”


Vedanta chairman Anil Agarwal said his group and Foxconn will build a chip plant in India shortly.
Vedanta Resources chairman Anil Agarwal speaks at the 2018 Investing in African Mining Indaba in Cape Town. File photo: AFP.

 

India’s Vedanta Resources will partner with Taiwan contract electronics giant Foxconn to build $20 billion semiconductor and display plants in India, with the announcement of the location imminent.

Vedanta chairman Anil Agarwal said on Wednesday that the Mumbai-founded, London-headquartered company would have the first chip product ready in two years.

Oil-to-metals conglomerate Vedanta said in February it would diversify into chip manufacturing and announced plans to form a joint venture with Foxconn. It will announce the location of the chip hub in June, Agarwal said.

Vedanta said it supports Prime Minister Narendra Modi’s drive to make India a semiconductor manufacturing hub.

“Foxconn is our technical partner,” Agarwal said. “We may not take [an] equity partner for the fab,” he added referring to the chip fabrication plant.

In an interview in Davos, Agarwal said the Apple contract manufacturer would provide the technology for making semiconductors.

Vedanta is seeking incentives from Modi’s government and is also in talks with several Indian states on the unit’s location.

Agarwal said on the sidelines of the annual World Economic Forum that the first phase of Vedanta’s project will entail an investment of $2 billion.

 

  • Reuters, with additional editing by George Russell

 

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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