Anil Agarwal said, many partners are ready for the semiconductor project
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Aggarwal said the group would invest $1.7 billion (Rs 14,000 crore) in the current financial year.
After Taiwanese partner Foxconn pulled out of Vedanta Group’s semiconductor project, the company’s chairman Anil Agarwal on Wednesday said multiple partners are ready for the venture. According to a previously announced program, $19.5 billion was to be invested in the semiconductor plant. He said that Vedanta will foray into chip manufacturing this year. Agarwal, however, did not disclose the name of the new partner. Hon Hai Technology Group, also known as Foxconn, pulled out of its chip manufacturing joint venture with Vedanta earlier this week. Foxconn, however, said it wanted to apply under the government’s semiconductor manufacturing scheme.
Vedanta last week said it would acquire the semiconductor and display glass units from a group company. Most of the world’s chips are made in a few countries, and India is a late entrant in this field. They are used in a variety of devices, from mobile phones to refrigerators and cars. Agarwal told Vedanta’s annual shareholders’ meeting that there is a huge opportunity in the electronics sector as India imports electronics worth $100 billion every year. This includes semiconductors and display glass worth $30 billion. “We have lined up partners for our semiconductor venture,” he said without mentioning Foxconn’s withdrawal.
He further added, “This year the company will foray into semiconductor fab and display fab. It will depend on government approvals.” He said Vedanta Ltd has so far invested $35 billion in India and the company will make “significant investments” in various businesses in the coming years. Aggarwal said the group would invest $1.7 billion (Rs 14,000 crore) in the current financial year.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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