Vedanta plans $20-bn chip unit in Gujarat: Report

Vedanta has determined to arrange its semiconductor manufacturing unit in Gujarat and has recognized land for it. According to Reuters, an announcement to this impact is anticipated later this week with a proper signing of a memorandum of understanding (MoU) between the state authorities and the corporate.

The Vedanta Group has an preliminary funding plan of $2 billion for the semiconductor unit, which might go as much as $20 billion as the corporate scales up the mission. “Various state governments have approached us for providing land for the project, and we are also in talks with several of them. We will soon identify the location to set up the unit. We want to see which state is able to create an entire cluster of units,” Anil Agarwal, Vedanta chairman, had stated earlier.

Vedanta is amongst the 5 firms which have utilized for the federal government’s Rs 76,000-crore incentive scheme for growth of semiconductors and show manufacturing ecosystem within the nation.

In truth, the corporate has submitted two proposals — one the place it has fashioned a three way partnership with Foxconn for manufacturing chips and the second, by itself for show fabs.

Vedanta is assured of getting world orders as soon as its semiconductor manufacturing unit is up and operating in India. It is already into manufacturing fab glasses and optic fibre globally, so it isn’t going to be a brand new enterprise for the corporate. “We already make fab glasses in Japan, South Korea, and Taiwan and have 20,000 people working for us, so we are already in the business,” Agarwal had stated.  FE