Volcan to own Vedanta’s semiconductor business 

Bahamas-based firm is owned by Anil Agarwal’s family trust

Published: 16th September 2022 07:55 AM  |   Last Updated: 16th September 2022 07:55 AM   |  A+A-

Vedanta chairman Anil Agarwal ( File Photo)

Vedanta chairman Anil Agarwal ( File Photo)

Express News Service

NEW DELHI: Vedanta group on Thursday said its semiconductor business will not be part of Vedanta Ltd, but will be housed under Volcan Investments Limited, the holding company owned by Anil Agarwal’s family trust.

The company is also the majority shareholder of London-based Vedanta Resources Plc, which has more than 50 per cent stake in Vedanta India.  

“We reiterate that the proposed business of manufacturing semiconductors is not under Vedanta Limited and we understand that it will be undertaken by the ultimate holding company of Vedanta Limited, Volcan Investments Limited,” said the company in an exchange filing.

Earlier, Vedanta Group announced that it, along with Taiwanese chip maker Foxconn, would invest Rs 1.54 lakh crore to set up a semiconductor and glass plant in Gujarat.  Vedanta said the project will come over the next two years and would bring employment of around 1 Lakh to the state. Ever since Vedanta announced the semiconductor project in Gujarat, there had been confusion, about which company would take care of its semiconductor business. 

As per Vedanta’s press statement on September 13, Vedanta will hold a 60 per cent stake in the joint venture while Foxconn will own the balance of 40 per cent. But today the company clarified that its holding company Volcan Investments Limited will take care of its semiconductor business. Volcan Investment is incorporated in the Bahamas. The company is wholly owned by Conclave PTC Limited, a private trust company, which is ultimately beneficially owned by Anil Agarwal Discretionary Trust.

Meanwhile, the company said it is also going to invest Rs 25,000 crore for the expansion of its aluminium, ferrochrome and mining businesses in Odisha.

“So far, we have made the single-largest investment in Odisha (Rs 80,000 crore), and contribute to 4 per cent of state’s GDP....today, I am proud to announce that we have committed to new investments of more than Rs 25,000 crore, furthering the development and job creation in the state,” said Anil Agarwal, chairman of Vedanta Group.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp