Vedanta-Foxconn Joint Venture to Set Up Semiconductor Plant in Gujarat; Sign MoU with Gujarat Government

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Vedanta-Foxconn ****** Venture to Set Up Semiconductor Plant in Gujarat; Sign MoU with Gujarat Government

Vedanta-Foxconn partnership has signed two Memorandum of Understanding (MoU) with the Gujarat Government to set up display and semiconductor production plants in the state. The companies aim to invest $19.5 billion (roughly Rs. 1,54,350 crore) under the ****** partnership. According to Foxconn and Vedanta, the new plants under the ****** venture will create more than 1,00,000 jobs in Gujarat. The companies plan to start manufacturing display and chip products within the next two years. It is to be noted that Gujarat defeated Maharashtra in a close race to win the plant location. 

Vedanta-Foxconn ****** partnership has signed MoUs with the Gujarat government to setup display and semiconductor production plants in the home state of Prime Minister Narendra Modi, Gujarat. As mentioned earlier, the company aims to invest $19.5 billion (roughly Rs. 1,54,350 crore) under the partnership. Under the deal, the Vedanta-Foxconn ****** venture will set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit in Ahmedabad. 

A report earlier this week had [said]( that the ****** venture has obtained subsidies including on capital expenditure and electricity from Gujarat to set up units near Ahmedabad. 

The Vedanta-Foxconn project is expected to create 1,00,000 jobs in Gujarat. Foxconn will act as the technical partner in the venture, while Vedanta will finance the project. 

The investment of Rs. 1,54,000 crore is said to be the largest ever made by any group in an Indian state. This major investment comes ahead of key local elections in Gujarat. Communications and IT Minister Ashwini Vaishnaw also announced the deal with a tweet. 

A step towards realising PM

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Ji’s vision to establish India as a trusted partner in global semiconductor supply chain. Vedanta-Foxconn inked MoU with Gujarat for setting up semiconductor & display fab for ₹1.54 lakh crore and generate 1 lakh direct employment.

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— Ashwini Vaishnaw (@AshwiniVaishnaw)

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To recall, Gujarat defeated Maharashtra in a close race to win the plant location. 

Meanwhile, the ****** venture between Vedanta and Foxconn was [announced]( in February this year, when the two companies collaborated for the government of India’s semiconductor manufacturing scheme. Under the deal, Vedanta holds 60 percent of the equity, while Foxconn will own 40 percent. 

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