Vedanta-Foxconn to arrange large semiconductor plant in Gujarat, Anil Agarwal declares 1.54 lakh crore funding

The Vedanta Group and Foxconn, a Taiwanese digital manufacturing powerhouse, have introduced plans to ascertain an enormous semiconductor manufacturing facility in Gujarat. Anil Agarwal, the chairman of Vedanta Group, introduced the information on Twitter.

“Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of 1.54 lakh crores will help make India’s #Atmanirbhar Silicon Valley a reality,” Agarwal tweeted. He additional added, “This project will help fulfil Hon’ble PM @narendramodi Ji’s vision of creating a robust manufacturing base in India. It will reduce our electronics imports & provide 1 lakh direct skilled jobs to our people…going from job seekers to job creators!”

This mission will assist fulfil Hon’ble PM @narendramodi Ji’s imaginative and prescient of making a strong manufacturing base in India. It will cut back our electronics imports & present 1 lakh direct expert jobs to our individuals…going from job seekers to job creators! (2/4)

— Anil Agarwal (@AnilAgarwal_Ved) September 13, 2022

Vedanta and Foxconn additionally inked a memorandum of understanding (MoU) with the Gujarat authorities on Tuesday to ascertain the plant within the state. The MoU was signed in Gandhinagar within the presence of Ashwini Vaishnaw, Minister for Railways, Communications, Electronics, and Information Technology.

According to stories, Vedanta obtained monetary and non-financial incentives from Gujarat, together with capital expenditure and low-cost energy, to ascertain the semiconductor facility. The mission would characteristic show and semiconductor factories in Ahmedabad.

Gujarat Chief Minister Bhupendrabhai Patel acknowledged that the initiative will create greater than 100,000 jobs and that the state was keen to supply no matter help to the mission, which it received in a detailed contest with India’s wealthiest state, Maharashtra. This, in response to Prime Minister Narendra Modi, is an important step in accelerating India’s semiconductor manufacturing targets.

This MoU is a crucial step accelerating India’s semi-conductor manufacturing ambitions. The funding of Rs 1.54 lakh crore will create a major influence to spice up financial system and jobs. This can even create an enormous ecosystem for ancillary industries and assist our MSMEs. https://t.co/nrRbfKoetd

— Narendra Modi (@narendramodi) September 13, 2022

According to Foxconn, the state’s infrastructure and the federal government’s lively help “increases confidence in setting up a semiconductor factory.” According to the federal government, India’s semiconductor enterprise can be value $63 billion by 2026, up from $15 billion in 2020.