Vedanta-Foxconn Finalizes Dholera SIR For Semiconductor Manufacturing Facility In India The Vedanta-Foxconn JV in September 2022 signed a MoU with the Gujarat government to invest INR 1,54,000 crore to set up semiconductor and display manufacturing plant
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A joint venture of Vedanta and electronics manufacturing giant Foxconn has finalized Dholera Special Investment Region near Ahmedabad in Gujarat for setting up the semiconductor and display manufacturing facility, reported PTI.
Earlier in 2022, Vedanta and Foxconn announced MoUs with the government of Gujarat for setting up a semiconductor fab unit, a display fab unit, a semiconductor assembling and a testing unit in the state. Prime Minister Narendra Modi expressed optimism after the government of Gujarat signed an MoU of INR 1.54 lakh crore with Vedanta-Foxconn Group for the manufacture of semiconductor and display fab. "The Prime Minister also pointed out that the investment will create a significant impact to boost the economy and jobs while creating a huge ecosystem for ancillary industries and thereby helping MSMEs," said a statement by the PMO.
This will be the first manufacturing facility for semiconductors in India, when the joint venture was signed, the exact location of the facility was not disclosed. The government of India, in December 2021, had launched the India Semiconductor Mission with an incentive outlay of INR 76,000 crore to attract investments in the strategic semiconductor sector.
With an eye on creating a Silicon Valley in India, Vedanta signed an MoU with Foxconn, one of the world's largest electronics manufacturers, to set up an integrated semiconductor manufacturing facility in India. "This will produce value for the world and I truly hope this is only the beginning of the creation of a Silicon Valley in India. Not only are semiconductors in short supply globally, but India is also 100 per cent import dependent. The domestic consumption of semiconductors is expected to cross $80 billion by 2026 and may touch $110 billion by 2030," said Anil Agarwal, chairman, Vedanta Resources Ltd, during the 57th annual general meeting (AGM) of the company.
