Foxconn And Vedanta To Make Semiconductor Chips In India With ?900 Crore Investment
Foxconn has stated that it plans on investing $118.7 million which is around 900 crores to set up a joint venture firm with Vedanta, which would also be the majority shareholder of the firm with the Taiwanese giant holding 40 percent of the stake.
Taiwanese electronics manufacturer, Foxconn has teamed up with India's oil, gas and metals giant Vedanta to manufacture semiconductors in India while the electronics giant plans to diversify its business amid the global chip shortage that has engulfed the world.
Reuters
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Reported first by TOI, Foxconn has stated that it plans on investing $118.7 million which is around Rs 900 crores to set up a joint venture firm with Vedanta. The latter would also be the majority shareholder of the firm with the Taiwanese giant holding 40 percent of the stake.
Foxconn has signed a memorandum of understanding with Vedanta to make semiconductors while calling it a ¡°significant boost to domestic manufacturing of electronics in India.¡±
This move comes right after the announcement of the Rs 76,000 crore PLI scheme for manufacturing semiconductors in India to make India one of the leading markets for semiconductor production across the globe. Based on this scheme, it will extend financial support of up to 50 percent of the project cost to eligible applicants.
In fact, just last year, Vedanta Chairman, Anil Agarwal had stated that it would invest Rs 60,000 crore to set up a chip manufacturing ecosystem over a three-year period.
Reuters
Also Read: How Foxconn Forces Kids To Work Overtime To Build Amazon 'Alexa' Echo In Chinese Factories
The tempting PLI scheme has attracted several chipmakers including Intel, TSMC (Taiwan Semiconductor Manufacturing Company) and United Microelectronics Corporation to explore setting up semiconductor manufacturing facilities in India.
Discussions as of now are ongoing with state governments to decide where the plants for chip manufacturing will be set up.
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