'Journey from chip taker to chip maker has begun...' Vedanta announces Rs 1.5 lakh crore investment in Gujarat
Asserting that India's own Silicon Valley is a step closer now, Vedanta Chairman Anil Agarwal further said that India would not just fulfil the digital needs of its citizens but also those from across the seas.
FollowThe Vedanta group is gearing up to make a Rs 1.54 lakh crore investment in Gujarat along with Taiwanese technology major Foxconn. Vedanta Resources Limited Chairman Anil Agarwal took to Twitter to announce, "History gets made! Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in Gujarat. Vedanta's landmark investment of Rs 1.54 lakh crores will help make India's Atmanirbhar Silicon Valley a reality."
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Agarwal said that the semiconductor plant would not just fulfil Prime Minister Narendra Modi's vision of creating a robust manufacturing base in the country but also provide one lakh direct skilled jobs. Asserting that India's own Silicon Valley is a step closer now, the Vedanta Chairman further said that India would not just fulfil the digital needs of its citizens but also those from across the seas.
Crediting the Gujarat government and the Union Infomation Technology Minister Ashwini Vaishnaw for helping Vedanta tie things up so quickly, Agarwal said that India's journey from being a chip taker to a chip maker has officially begun. He added that India's technology ecosystem would thrive, with every state benefiting via the new electronics manufacturing hubs.
According to government data, the country's semiconductor consumption is expected to exceed $80 billion by 2026 and $110 billion by 2030.
The announcement saw the Vendanta stock value jump by 2.9 per cent (at 1:25 pm). To recall, Young Liu, chairman of the Taiwan-based global electronics major Foxconn, had met Prime Minister Narendra Modi in June this year and expressed interest in expanding operations in the country. During that visit, Liu also met Akarsh Hebbar, Vedanta Group's global managing director for display ad semi-conductor business, to review the roadmap for the new plant.
As part of the memorandum signed between Vedanta and Foxconn in February, the former would hold 60 per cent equity in the joint venture while the remaining would be with the Taiwanese firm.
Minister of State for Information Technology Rajeev Chandrasekhar had recently spoken at length about Prime Minister Narendra Modi's vision to make India a major player in the global semiconductor supply chain. He further said that all stakeholders needed to come together and work relentlessly to create a technology ecosystem that would lead India into the next wave of digital innovation and enable the country to proudly announce 'India Inside' in every ubiquitous technology product.
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