Vedanta-Foxconn partnership has sign two Memorandum of Understanding (MoU) with the Gujarat Government to set up display and semiconductor production plants in the state. These companies aim to invest $19.5 billion (approx. Rs. 1,54,350 crore) under the joint partnership.
According to Foxconn and Vedanta, the new plants under the joint venture will create more than 1,00,000 jobs in Gujarat.
These companies plan to start manufacturing display and chip products within the next two years.
It is to be note that Gujarat defeat Maharashtra in a close race to win the plant location.
Vedanta-Foxconn joint partnership has sign MoUs with the Gujarat government to setup display and semiconductor production plants in the home state of Prime Minister Narendra Modi, Gujarat.
These company aims to invest $19.5 billion (approx. Rs. 1,54,350 crore) under the partnership.
In this deal, the Vedanta-Foxconn joint venture will set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit in Ahmedabad.
As per report the joint venture has obtain subsidies including on capital expenditure and electricity from Gujarat to set up units near Ahmedabad.
The Vedanta-Foxconn project is expect 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 announce the deal with a tweet.
A step towards realising PM @narendramodi 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. pic.twitter.com/JE8A3uiDA8
— Ashwini Vaishnaw (@AshwiniVaishnaw) September 13, 2022
The joint venture between Vedanta and Foxconn with two companies collaborate for the government of India’s semiconductor manufacturing scheme.
Under this deal, Vedanta holds 60% of the equity, while Foxconn will own 40%.
