Vedanta deeply expressed its commitment in crafting and modernizing the electronics industry ecosystem rather than just transfers of technology
The Indian global business group Vedanta has now proclaimed that it has signed an agreement with 30 Japanese technology firms in order to boost the growth of the country’s display and semiconductor manufacturing cluster. As per the media reports, the agreements were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week at Tokyo, Japan, which was spearheaded by more than 200 delegates from 100 international firms.
Media reports also highlighted that the global business group has assured to make India a globally competitive nation in electronics manufacturing. It deeply expressed its commitment in crafting and modernizing the electronics industry ecosystem rather than just transfers of technology. The summit in Japan has also witnessed a range of firms expressing their interests to be the part of the manufacturing cluster for India’s semiconductor mission, Vedanta Global MD, display and semiconductor business, Akarsh K Hebbar said.
Vedanta Ltd, an arm of Vedanta Resources Ltd, is one of the world's leading oil and gas and metals companies with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminum, and power across India, South Africa and Namibia. Oil-to-metals conglomerate Vedanta Ltd. along with Taiwan’s Foxconn in September signed a pact with the Gujarat government for investing ₹1.54 trillion to set up a semiconductor and display FAB manufacturing unit in the state, reported by the Mint.
As per a previous report of CircuitDigest, under the alliance, Foxconn has promised to invest an amount of $118.7 million (Rs 899 crore) and it will hold a 40 percent stake in the partnership. According to Vedanta’s spokesperson, the company is now trying to get associated with several states to finalize the set-up of the upcoming semiconductor production plant. Foxconn is now said to be the globe’s largest electronics contract maker, which is a major producer for the Cupertino tech giant Apple. Of late, the contract manufacturer has also expanded its segment into semiconductors and electric vehicles.
An anonymous spokesperson of the company who does not want to be quoted told the media that all kinds of non-financial and financial subsidies along with low-cost power has been obtained by Vedanta from the Gujarat government to build the semiconductor manufacturing unit.
