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Business News›Industry›Cons. Products›Electronics›Vedanta to finalize $20
billion Indian chip, display unit site by mid-June, says Chairman Anil Agarwal




VEDANTA TO FINALIZE $20 BILLION INDIAN CHIP, DISPLAY UNIT SITE BY MID-JUNE, SAYS
CHAIRMAN ANIL AGARWAL

SECTIONS
Vedanta to finalize $20 billion Indian chip, display unit site by mid-June, says
Chairman Anil Agarwal
ReutersLast Updated: May 25, 2022, 09:01 PM IST
Synopsis


OIL-TO-METALS CONGLOMERATE VEDANTA SAID IN FEBRUARY IT WILL DIVERSIFY INTO CHIP
MANUFACTURING AND ANNOUNCED PLANS TO FORM A JOINT VENTURE WITH TAIWAN'S FOXCONN
TO SUPPORT PRIME MINISTER NARENDRA MODI'S DRIVE TO MAKE INDIA A SEMICONDUCTOR
MANUFACTURING HUB.

Agencies


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Vedanta
NSE -1.21 % will finalize a location for its $20 billion semiconductor and
display plants in India by mid-June and will have the first chip product ready
in two years, its Chairman Anil Agarwal said on Wednesday.

Oil-to-metals conglomerate Vedanta said in February it will diversify into chip
manufacturing and announced plans to form a joint venture with Taiwan's Foxconn
to support Prime Minister Narendra Modi's drive to make India a semiconductor
manufacturing hub.

Vedanta has a total planned investment outlay of $20 billion for two separate
units for chip and display manufacturing.



"Foxconn is our technical partner. We may not take equity partner for the fab,"
Agarwal told Reuters in an interview in Davos, adding that the Apple contract
manufacturer will have technical responsibility for the operation, from
providing the tech to making semiconductors.

Vedanta is seeking incentives from Modi's government and is also in talks with
several Indian states on the unit's location.

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Rajesh Exports readies investment for EV entry, in talks with states for display
fab



Agarwal said on the sidelines of the annual World Economic Forum the first phase
of Vedanta's project will entail an investment of $2 billion.

Private equity wants to be part of India's semiconductor expansion and there was
no shortage of funds, he said, while adding that Vedanta was yet to hold talks
with PE firms.

India estimates its semiconductor market will reach $63 billion by 2026,
compared with $15 billion in 2020.

"You have to create another Taiwan in India," Agarwal said, noting that India
will have to focus on bringing the entire semiconductor ecosystem locally for it
to be a global powerhouse.

The Indian government has said it will expand incentives beyond an initial
$10-billion plan for those investing in semiconductor manufacturing, as it aims
to become a key player in the global supply chain for chips.








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