Today, Vedanta Ltd rose 3.11 per cent to Rs 278.65 after the company signed a joint venture agreement with Taiwan’s Foxconn for a semiconductor project in Gujarat. Prime Minister Narendra Modi has selected Vedanta Ltd for Gujarat’s home state for its semiconductor project, the first major step in its $20 billion joint venture with Taiwan’s Foxconn. Vedanta Ltd has obtained financial and non-financial subsidies on capital expenditure and Gujarat’s electricity to build semiconductor plants. Ahmedabad is the largest city in the western state. The project will include display and semiconductor facilities.

While lobbying for incentives, Vedanta had sought 1,000 acres (405 hectares) of land free of cost on a 99-year lease and water and power at concessionary and fixed prices for 20 years, Reuters reported in April. In Gujarat’s science and technology department, and another in Chief Minister Bhupendrabhai Patel’s office.