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Executives of the Foxconn Group-Vedanta led by Vedanta’s Global managing director for display and semiconductor business, Akarsh Hebbar, held talks with top officials in the Maharashtra government to set up the semiconductor and display fabrication plant.

“Vedanta Electronics and Foxconn delegation called on Maharashtra chief minister Eknath Shinde and deputy chief minister Devendra Fadnavis in Mantralaya, this afternoon, to discuss joint venture Vedanta semiconductor and display fabrication city project," the deputy chief minister said in a Twitter post on Tuesday.

“AvanStrate Global MD Akarsh K. Hebbar, various Foxconn state leadership and investor teams, MIDC and GoM officials were present," he added in the post.

According to one of the executives aware of the details, the Vedanta-Foxconn team, accompanied by Maharashtra Industrial Development Corporation (MIDC) chief executive officer P Anbalagan, visited a site at Talegaon in the outskirts of Pune.

The world’s key third-party electronics manufacturer, Foxconn Group is partnering with Vedanta Group to set up semiconductor manufacturing in India. Vedanta and Foxconn are in discussion with some state governments, to finalize the location of semiconductor unit soon. The JV will look at setting up a semiconductor manufacturing plant in the next two years.

Last month, Foxconn chairman Young Liu met Hebbar to discuss next steps for their proposed partnership.

In February this year, Foxconn and Vedanta entered into a joint venture chaired by Vedanta chairman Anil Agarwal, where Vedanta will hold 60%. Vedanta group plans to invest up to $15 billion over 5-10 years to make displays and semiconductor chips in India. The investment will be made in a phased manner and will comprise an integrated display fabrication facility and a separate semiconductor plant.

Taiwan-headquartered Foxconn is the world’s largest contract manufacturer, which makes smartphones for Apple, Xiaomi and HMD, EV components for Aether Energy and Ola Electric, televisions for Vu, hearables for Boat and telecom and networking products for ZTE in India through its three manufacturing units.

ABOUT THE AUTHOR

Gulveen Aulakh

Gulveen Aulakh is Senior Assistant Editor at Mint, serving dual roles covering the disinvestment landscape out of New Delhi, and the telecom & IT sectors as part of the corporate bureau. She had been tracking several government ministries for the last ten years in her previous stint at The Economic Times. An IIM Calcutta alumnus, Gulveen is fluent in French, a keen learner of new languages and avid foodie.
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