Home / News / India /  Vedanta Group Foxconn to invest 1.6 lakh cr in Maharashtra, likely to generate over 2 lakh jobs

Vedanta along with its partner Foxconn meet CM, Eknath Shinde and DCM, Devendra Fadnavis for their proposed investment in semiconductors and display fabs manufacturing facility with an investment of approximately 1.6 lakh crore in Maharashtra under the Aatma-Nirbhar Bharat initiative.

The company is in active discussion with the Maharashtra government for their proposed manufacturing facility for semiconductors and display fabs. 

With a high concentration of skilled manpower, connectivity to the port, seamless domestic supply-chain and highly developed industrial infrastructure, Talegaon in Pune has emerged as a prominent option for Vedanta and Foxconn for their investment.

Vedanta along with its partner Foxconn can generate more than 200,000 direct and indirect jobs. 

The Vedanta team, headed by Akarsh K Hebbar, Global MD of Vedanta’s display and semiconductors business arm, Avanstrate, accompanied by Foxconn Chairman’s office team met Maharashtra Chief Minister Eknath Shinde and Deputy CM Devendra Fadnavis to discuss their proposed investment.

Expressing confidence, Shinde said, “Maharashtra has planned a 10,000 acre hi-tech electronics manufacturing ecosystem in Pune. For this, Vedanta, along with Foxconn can play a pivotal role as the anchor investor in creating the next Silicon Valley. It is a win-win scenario as Maharashtra has the required skilled manpower and industrial & logistical infrastructure suited for a project of this scale. This project will anchor a high-quality manufacturing ecosystem and act as a catalyst in Maharashtra’s growth story."

Global markets have been heavily reliant on supply of semiconductors and display-fab on a handful of countries. The adverse effects of such dependence were glaringly visible during the supply-chain breakdown in the pandemic. 

To mitigate these global risks and make India self-reliant, the Central Government has formulated the strategy for a Aatma-Nirbhar Bharat and push for manufacturing of critical semiconductors in the country. 

In addition to the policies and schemes of the Central Government, Maharashtra has made provisions for attractive incentives which has helped the state build a strong electronics ecosystem. Notably, Maharashtra was the first state in India to implement an Electronics & Fabrication policy, in 2016.

Fadnavis, reiterated the need for self-reliance, saying, “Vedanta’s proposed investment in Talegaon, Pune is a tribute to Hon. Prime Minister’s vision of Aatma-nirbhar Bharat. We believe Maharashtra is the natural choice for Vedanta and Foxconn’s semiconductor manufacturing operations and the state government is thankful to the Prime Minister and the Government of India for their support. We are committed to realizing the $5 Trillion goal for India and a trillion-dollar economy for Maharashtra."

Earlier this year, Vedanta and Foxconn had multiple rounds of meetings with the state leadership and Vedanta conducted site-visits to Talegaon in Pune and found the location to be an ideal match for their requirements. 

During Foxconn Chairman Young Liu’s visit to India, a high-powered delegation from the Industries department met with him in Delhi as well. These discussions have been spearheaded by the Industries department of Government of Mahrashtra and the Maharashtra Industrial Development Corporation.

The meeting today, was also attended by Hon Chief Secretary, Manu Kumar Shrivastav, ACS to CM, Bhushan Gagrani, ACS Industries, Baldev Singh, CEO, MIDC, Dr P Anbalagan, DC Industries, Dr Harshdeep Kamble, and Secy to DCM, Dr Srikar Pardeshi.

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