NEW DELHI: Anil Agarwal-led Vedanta Ltd on Monday announced that it has signed memoranda of understanding (MoU) with 20 Korean display glass companies for the development of an electronics manufacturing hub in India.
The oil-to-metal conglomerate was invited to a roadshow at the recently-concluded Korea Biz-Trade Show 2023, where its global Managing Director of Vedanta’s Semiconductor Akarsh K. Hebbar presented his plans of setting up a display fab in India.
“More than 50 companies have shown their interest in partnering with us and we are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain,” said Akarsh K. Hebbar. “Along with the Indian Government, we showcased the immense investment opportunities that our country has to offer, supported by conducive policies, good talent and a robust innovation ecosystem,” he said.
In September 2022, Vedanta group and Hon Hai Technology Group (Foxconn) had entered into a pact to form a joint venture company and invest Rs 1,54,000 crore to set up the semiconductor plant in Gujarat. Akarsh further spoke about the scale and size of the proposed electronics ecosystem hub. He said that the hub had the potential to attract more than 150 companies and create upwards of 100 thousand direct and indirect jobs. “Vedanta’s greenfield display fab would be one of the anchors for this proposed hub, and offered help to any company willing to explore India as an investment destination,” he added.
The company said in December 2022, Vedanta had received a similar invitation for a roadshow in Japan, which was attended by more than 200 delegates from around 100 companies. The roadshow concluded with Vedanta signing MoUs with 30 Japanese firms. The company had appointed semiconductor industry veteran David Reed as the CEO of its semiconductor business.