‘India to become 5th country manufacturing semiconductors': Vedanta Chairman
1 min read . Updated: 31 Jan 2023, 12:15 PM IST
PremiumVedanta Chairman Anil Agarwal on Tuesday highlighted the importance of the electronics manufacturing value chain.
Vedanta Chairman Anil Agarwal on Tuesday highlighted the importance of the electronics manufacturing value chain. He said that there are four countries that manufacture semiconductors and glass displays, while India is in the leading position to take the fifth position.
According to Vedanta chief, the Unified Payments Interface (UPI) payment mode is best in the world.
“Our UPI is the best in the world. Now we must lead on the hardware side too. Building a strong base in the electronics manufacturing value chain is very important," Anil Agarwal tweeted.
“Currently only 4 countries manufacture semiconductors and glass displays. India is in a leading position to become 5th country after the government announced policies in both sectors....," he added.
“I am inspired by Hon'ble @PMOIndia's vision and plan to set up both semiconductor and display fab units beginning this year. The dream is to build our own silicon valley," he further said in a tweet.
Meanwhile, a top official familiar with the development said that only one of the three semiconductor manufacturing proposals submitted to secure financial support under India’s $10 billion incentive scheme is likely to make the cut.
The Vedanta-Foxconn joint venture’s $20 billion proposal in Gujarat is expected to be the first to secure government approval, while the other two, submitted by the International Semiconductor Consortium (ISMC) and Singapore’s IGSS Ventures, lag behind, with the latter one almost out of the race.
Anil Agarwal-promoted Vedanta Resources inked a joint venture with the world’s leading contract manufacturer Foxconn to set up a display fabrication unit, integrated semiconductor fabrication unit, and OSAT facility with an investment of $20 billion.
Within this project, Vedanta Displays Ltd will set up a display fabrication unit with an investment of ₹94,500 crore, and Vedanta Semiconductors will set up an integrated semiconductor fabrication unit and OSAT facility at an investment of ₹60,000 crore.
Vedanta will hold 60% of the Gujarat project, with Foxconn owning the rest through Foxconn Semiconductor Group.
