September 14, 2022
NEW DELHI – To create a robust manufacturing base in India, The Gujarat government has partnered with Vedanta and Foxconn aiming for an investment of Rs 1.54 lakh crore to achieve self-reliance in the field of semi-conductor manufacturing.
In the presence of Chief Minister Bhupendra Patel and Union Minister for Electronics and Information Technology Ashwini Vaishnaw, a Memorandum of understanding (MOUs) was signed with the state government for setting up the semiconductor plant.
Chief Minister Patel welcomed the mega-investment, saying it has come on a day when his government completes a year in power. He further said that it is a testimony to the policy stability and policy support coupled with good governance and excellent infrastructure facilities existing in Gujarat.
मुझे यह बताते हुए खुशी है कि मान. प्रधानमंत्रीजी के भारत को सेमीकंडक्टर निर्माण क्षेत्र में आत्मनिर्भर बनाने के संकल्प को साकार करने की दिशा में गुजरात ने पहल कर राज्य में सेमीकंडक्टर व डिस्प्ले फेब निर्माण के लिए वेदांता-फॉक्सकॉन ग्रुप के साथ ₹१.५४ लाख करोड़ के MoU किए हैं। pic.twitter.com/vTidieaXbS
— Bhupendra Patel (@Bhupendrapbjp) September 13, 2022
The Union Minister Ashwini Vaishnaw highlighted the importance of this investment viz-a-viz Prime Minister Narendra Modi’s vision for achieving self-reliance in the field of semi-conductor manufacturing.
Vaishnaw said that it is a step in the right direction for Gujarat helping towards building a one trillion-dollar digital national economy.
“History gets made! Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of Rs 1.54 lakh crores will help make India’s #Atmanirbhar Silicon Valley a reality,” Agarwal said in a series of tweets.
History gets made! 🇮🇳 Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of ₹1.54 lakh crores will help make India's #Atmanirbhar Silicon Valley a reality. (1/4)
— Anil Agarwal (@AnilAgarwal_Ved) September 13, 2022
Vedanta and Foxconn Group will work closely with the state government to establish high-tech clusters with requisite infrastructure, including land, semi-conductor grade water, high-quality power, logistics, and a skill ecosystem.
This project is expected to reduce India’s electronic imports besides providing One lakh skilled jobs and helping the country’s manufacturing sector.
Vedanta Displays Limited will set up a Display Fab Unit in the state at an investment of Rs 94,500 crore, while Vedanta Semi-conductors Limited will set up an integrated Semi-conductor Fab Unit and OSAT (Outsourced Semi-conductor Assembly and Test) with an investment of Rs 60,000 crore.
Thus, the two together will bring in an investment of more than Rs 1.54 lakh crore.
The proposed investment will further support the development of upstream and downstream electronics manufacturing clusters and the establishment of healthy trade linkages.
In addition to making India a global partner in the supply chain, the semi-conductor fab unit will prove to be a game-changer for the economy.
The proposed semi-conductor manufacturing fab unit will operate on the 28nm technology nodes with a wafer size of 300mm; and the display manufacturing unit will produce Generation 8 displays catering to small, medium, and large applications.