NEW DELHI: Vedanta will foray into semiconductor and display fab this year after it receives government approvals, said chairman of Vedanta ltd Anil Agarwal. Agarwal, while addressing shareholders during the 58th General Annual meeting also mentioned that the company has lined up partners for its semiconductor venture.
“This year, subject to government approvals, your company will begin a historic foray into semiconductor fab and display fab. This will open a new avenue of rapid growth for the company in a sector that is strategic for the country,” said Agarwal.
Its ambitious project to venture into semiconductor manufacturing faced a setback as Taiwanese electronics giant Foxconn pulled out from a joint venture with Vedanta Ltd. The joint venture, formed in September 2022, announced plans to invest $19.5 billion to set up semiconductor and display production plants in Gujarat. However, the company decided to proceed with its plans to set up a fab in India with another partner.
“Huge opportunity lies in the electronics sector. India imports $100 billion worth of electronics every year, of which about $30 billion is on semiconductors and display glass. ,” said Agarwal.