Rs.1.54 lakh crores Vedanta-Foxconn semiconductor plant to come up in Gujarat
A harbinger of India’s own Silicon Valley, the investment was much sought after by various states
Pic - Republica from Pixabay
Anil Agarwal, Chairman – Vedanta Resources Limited, announced today that the new Vedanta-Foxconn semiconductor plant will be set up in Gujarat.
He said, “Vedanta’s landmark investment of Rs.1.54 lakh crores will help make India’s Atmanirbhar Silicon Valley a reality.”
The project has the potential to create one lakh direct skilled jobs and drastically cut India’s electronics imports. Further, the ecosystem is likely to add far more (likely 25 lakh) jobs in the long term.
Vedanta is a diversified company, with interests in oil & gas, zinc-lead-silver, aluminium, iron ore, steel, copper, ferro alloys, power, glass display, optical fibre and semiconductors. It is currently the world’s largest producer of zinc, lead & silver, aluminium, iron ore, oil & gas, and ferro chrome.
Foxconn (Hon Hai Technology Group) was established in Taiwan in 1974, and is currently the world’s largest electronics manufacturer. The Group has expanded its capabilities into the development of electric vehicles, digital health and robotics, and also three key technologies –AI, semiconductors and new-generation communications technology. In 2021, Foxconn‘s annual revenue reached US$206bn.
Vedanta’s joint venture with Foxconn is the first of its kind in India, and will manufacture semiconductor chips in the country.
Many tech companies have been looking to diversify their supply chain away from China (and Taiwan) for security reasons. India has been a powerhouse in software and lately in assembly of phones, but this semiconductor investment could change India’s image to a semiconductor giant in near future.
Several states had shown interest in the project, including Telangana, Tamil Nadu, Karnataka, Maharashtra and Uttar Pradesh. However, conducive environment, infrastructure and better law and order likely tilted the project in Gujarat’s favour – Vedanta’s copper plant in Tamil Nadu was shut down after violence a few years ago.
Anil Agarwal said, “My deep gratitude to the Gujarat Govt & the Union IT Minister, who have helped Vedanta tie things up so quickly. India’s tech ecosystem will thrive, with every state benefiting via the new electronics manufacturing hubs.”
He further added, “India’s own Silicon Valley is a step closer now. India will fulfil the digital needs of not just her people, but also those from across the seas. The journey from being a Chip Taker to a Chip Maker has officially begun…Jai Hind!”
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