Vedanta has plans to finalize the location for its $20 billion semiconductors and will display plants in India by June, and expects to roll out the first chip product in the next two years, its chairman Anil Agarwal said.

“You have to create another Taiwan in India,” Agarwal told Reuters on the sidelines of the annual World Economic Forum, noting that India will have to focus on bringing the entire semiconductor ecosystem locally to be a global powerhouse.

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“Foxconn is our technical partner. We may not take equity partner for the fab,” Agarwal told Reuters, adding that the Taiwan-based Foxconn will have technical responsibility for the operation, from providing the tech to making semiconductors. Also, the chairman said that private equity wants to be a part of extending India’s semiconductors, and there was no fund storage. Vedanta’s first phase project will entail an investment of $2 billion.

Speaking on the opportunity for manufacturing semiconductors in India, Agarwal told Mint earlier this month that “India needs to import $15 billion worth of semiconductors. It’s because of the shortage of semiconductors that we haven’t been able to run our factories at 100 per cent. We manufacture glass and optical fiber. So, it was natural for us to move into semiconductors.”