Vedanta has set aside $15 billion for the electronic chip and display manufacturing sector and plans to scale up the investment to over $20 billion. Vedanta’s group firm Avanstrate will roll out electronic chips and displays from Indian manufacturing plants by 2025, the group’s semiconductor arm said on Friday.
“Semiconductor is a long-term business. We are looking at about $10 billion on display. Right now we are looking at $7 billion in semiconductors that can also increase by $3 billion to further extend it. First 10 years we will invest over $15 billion. We will consider further investment at a later stage,” Avanstrate Managing Director Akarsh Hebbar said in a statement.
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Vedanta has signed a Memorandum of Understanding (MoU) with electronics manufacturing services giant Foxconn to form a joint venture company that will manufacture semiconductors in India. Vedanta is the first company to declare the investment in semiconductor manufacturing after the government announced a $10 billion program to boost the electronic chip and display ecosystem in the country.