NEW DELHI: Vedanta Group has signed Memoranda of Understanding (MoU) with 30 Japanese technology companies for developing the semiconductor and glass display manufacturing ecosystem.
The MoU was signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week in Tokyo, Japan, and was attended by more than 200 delegates from over 100 global companies.
“We are committed to making India a hub for electronics manufacturing. Vedanta is focused on taking lead in creating the electronics industry ecosystem rather than just technology transfers. We are excited as this comprehensive plan has the potential to generate business opportunities of over $40 billion for our partners in the coming years,” Akarsh K Hebbar, global MD, display and semiconductor business, Vedanta.
Earlier this year, Vedanta and Foxconn announced MoUs with the Government of Gujarat for setting up a semiconductor fab unit, a display fab unit, a semiconductor assembling and a testing unit in the state. The project envisages a total investment of $20 billion with an employment potential of over 100,000 people aims to provide affordable electronics for the domestic market and is attracting global players across the value chain entailing manufacturers of highly sophisticated and sensitive equipment, materials (high purity gases, chemicals, wafers, photomasks), equipment service providers etc.
Vedanta Ltd, an arm of Vedanta Resources, is one of the world’s leading oil and gas and metals companies with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium, and power across India, South Africa and Namibia. It will look at creating a hub to manufacture Apple’s iPhones and TV equipment, along with possibly diving into the electric vehicle sector. In December 2021, India announced a Rs 76,000 PLI scheme for the semiconductor ecosystem. Since then many companies have shown interest in the semiconductor PLI scheme.