Vedanta awaits crucial government nod for semiconductor plant in Gujarat
By India Today Business Desk: Vedanta is eagerly awaiting government approval for incentives related to a modified semiconductor production plan, reported news agency Reuters.
The company plans to construct a semiconductor plant in Gujarat and has already established partnerships with technology and equity partners.
According to Akarsh Hebbar, the Global Managing Director at Vedanta Semiconductors and Display, they have engaged with over 100 global suppliers and ancillary industries, which will play a crucial role in the semiconductor and display ecosystem.
Also Read | Vedanta says it has lined up partners for chip venture after Foxconn backs out
Vedanta has previously collaborated with Taiwan’s Innolux for display fab manufacturing.
The group’s Chairman, Anil Agarwal, recently announced the company’s entry into the market for chip and display manufacturing this year.
This decision came shortly after Taiwan’s Foxconn pulled out of a significant $19.5 billion chipmaking project, prompting Vedanta to secure new partners for its venture.
While the exact details of the new partners have not been disclosed, news agency Reuters had previously reported that deadlocked talks with European chipmaker STMicroelectronics and delayed incentive approvals were contributing factors to Foxconn’s withdrawal.
In the meantime, Gujarat is holding separate discussions with Foxconn for another semiconductor plant, and the Taiwanese company has expressed its intention to apply for incentives under India’s semiconductor production plan.
Vedanta’s future in the semiconductor market now hinges on receiving the much-awaited government approval for their project in Gujarat.
