Home / News / India /  PM Modi expresses optimism as Vedanta to set up chip making unit in Gujarat

New Delhi: Prime Minister Narendra Modi expressed optimism on Tuesday after the signing of a 1.54 trillion pact between with Vedanta-Foxconn Group and Gujarat government for setting up a semiconductor and display fabrication manufacturing unit in the state, the Prime Minister’s Office (PMO) said in a statement.

According to a statement by the PMO, the prime minister said the proposed investment will boost the economy, generate jobs and also help in creating a ecosystem for ancillary industries aiding MSMEs.

“This MoU is an important step accelerating India’s semi-conductor manufacturing ambitions. The investment of 1.54 lakh crore will create a significant impact to boost economy and jobs. This will also create a huge ecosystem for ancillary industries and help our MSMEs," the prime minister tweeted.

Vedanta Ltd. along with Taiwan’s Foxconn on Tuesday signed a pact with the Gujarat government for investing 1.54 trillion to set up a semiconductor and display FAB manufacturing unit in the state.

As per the memorandum of understanding (MoU), Vedanta Displays Ltd. will setup the display FAB unit at an investment of 94,500 crore and Vedanta Semiconductors Ltd. will set up an integrated semiconductor manufacturing unit and OSAT facility for 60,000 crore. Foxconn will be the technical partner.

“The proposed semiconductor manufacturing fab unit will operate on the 28nm technology nodes with wafer size 300 mm; and the display manufacturing unit will produce Generation 8 displays catering to small, medium and large applications," as per a joint statement.

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