The company is expected to formally sign an MOU with the state this week
As per the latest reports, the Vedanta Group plans to build a semiconductor manufacturing unit in Gujarat. Though a formal announcement is awaited and might drop in within a week, the company has already identified land for setting up this chip unit in the state.
It has been learnt that the company initially plans to invest a sum of $2 billion in the semiconductor unit. But as the Mumbai-headquartered company expands the project, the amount would go up to $20 billion in the coming times.
The Chairman of Vedanta, Anil Agarwal had earlier commented, “Various state governments have approached us for providing land for the project, and we are also in talks with several of them. We will soon identify the location to set up the unit. We want to see which state is able to create an entire cluster of units.”
It is interesting to note that five companies have come forward for the centre’s Rs 76,000-crore incentive scheme regarding the development of semiconductors and the display manufacturing ecosystem in India. Vedanta not only applied for display fabs manufacturing alone, but it also formed a joint venture with Foxconn for manufacturing chips under the aforesaid scheme.
Once its semiconductor manufacturing unit is operative in India, the company is confident of getting orders from abroad. Agarwal said: “We already make fab glasses in Japan, South Korea, and Taiwan and have 20,000 people working for us, so we are already in the business.”
