The Vedanta Group, a major mining company, has inked a memorandum of understanding (MoU) with 20 Korean display glass businesses in an effort to establish an electronics manufacturing base in India. At the Korea Biz-Trade Show 2023, Vedanta outlined its plans to enter the semiconductor and display manufacturing industries in the nation, that’s when the deal was signed. Vedanta has partnered with Foxconn and filed for the government’s semiconductor program. However, due to a lack of technology that is ready for production, the application has not yet been approved.
As per Akarsh K. Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display business, More than 50 companies have shown their interest in partnering with us and we are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain. Along with the Indian Government, we showcased our country’s immense investment opportunities, supported by conducive policies, good talent, and a robust innovation ecosystem.”
Hebbar discussed the proposed electronics ecosystem hub’s scope and dimensions while pitching to corporate executives from Korea’s electronics sector. He says the hub may draw more than 150 businesses and generate up to 100,000 direct and indirect jobs. In his remarks, he mentioned Vedanta’s greenfield display fab as one of the hub’s cornerstones and extended his assistance to any business considering India as a potential investment location.
In the upcoming 2.5 years, Vedanta claims it will develop semiconductors and displays that are more affordable, high-quality, and inventive. The group’s promoter, Anil Agarwal, revealed at the India Today Conclave 2023 that his company has signed memoranda of understanding with 100 Japanese businesses, which will assist him in realising this objective. He envisions more than 700–800 businesses joining together with Vedanta.
Vedanta submitted applications for both semiconductor and display production in India in February 2022. The company collaborated with Foxconn to submit an application for the Semiconductor Scheme and shortlisted Gujarat for the establishment of its semiconductor and display fab. The Vedanta-Foxconn joint venture selected the Dholera Special Investment Region in Ahmedabad for the factory’s location and had signed an agreement with the Gujarat government to invest Rs 1,54,000 crore there. The government is apparently considering awarding the Vedanta-Foxconn joint venture semiconductor fab plant conditional clearance because the partnership is still unable to reach an agreement with a production-grade technology partner.
Also Read: Russian Deputy PM: India-Russia Discussing Free Trade Agreement to Ensure Investment Security
