Production at Vedanta-Foxconn semiconductor plant to start within two and half yrs of groundbreaking: Anil Agarwal
Vedanta-Foxconn would invest Rs 1,54,000 crore to set up the facility in Gujarat, which would create one lakh job opportunities, Chief Minister Bhupendra Patel had said after the MoU was signed.
Published: 12th November 2022 05:34 PM | Last Updated: 13th November 2022 07:26 AM | A+A A-
Vedanta chairman Anil Agarwal ( File Photo)
NEW DELHI: Vedanta Chairman Anil Agarwal on Saturday said that production at its semiconductor and display manufacturing plant in Gujarat will start in the next two and a half years. While speaking at an event, Agarwal said a complete ecosystem has to be created for the semiconductor industry in the country.
“We are just making fundamental raw materials. Setting up (the plant) in Gujarat has its own challenges. As we move forward, more doors will open,” said the business tycoon.
He further said, “My heart and soul is into it (in the project) and the way the government is supporting, the state government is supporting... He has no doubt that within two and a half years (of the groundbreaking ceremony production will start).”
Last month, a joint venture of Vedanta and Taiwanese electronics manufacturing giant Foxconn announced that they would invest Rs 1,54,000 crore to set up a semiconductor ecosystem in Gujarat.
ALSO READ | Central African Republic seeks Indian firms like Vedanta to mine gold, uranium
They signed a Memorandum of Understanding (MoU) with the Gujarat government for the semiconductor and display manufacturing unit. The unit is expected to generate nearly 1 lakh job opportunities. Vedanta said out of the total investment of Rs 1,54,000 crore, it would invest Rs 94,000 crore to set up the display manufacturing unit, while Rs 60,000 crore will be invested for the semiconductor manufacturing facility.
However, the semiconductor plant was first supposed to start in Maharashtra but later it was shifted to Gujarat. The company said Vedanta-Foxconn JV has been professionally assessing the site for a multi-billion dollar investment; it took almost two years to come up with a site.
ALSO READ | Vedanta shares rally 14 pc in 5 days; 6.5 pc in a day
“We started this about two years ago. Our team of internal & external professional agencies shortlisted a few states viz., Gujarat, Karnataka, Maharashtra, Tamil Nadu etc to help achieve our purpose. For the last two years, we have been engaging with each of these governments as well as the central government and have received fantastic support,” said Agarwal in a tweet.
