The new Vedanta-Foxconn semiconductor plant will be set up in Gujarat, announced Anil Agrawal, CEO of Vedanta Resources Limited. Vedanta’s investment of ₹1.54 lakh crores will help make India’s independent Silicon Valley a reality, said Agrawal in a tweet.
Vedanta obtained financial and non-financial subsidies, including capital expenditure and cheap electricity from Gujarat to build the semiconductor plants. The project will include display and semiconductor facilities near the largest city of Ahmedabad in the western state.
While soliciting incentives, Vedanta had sought 1,000 acres (405 hectares) of land free of cost on a 99-year lease and water and power at concessionary and fixed prices for 20 years.
Agrawal added that the project would help fulfill PM Narendra Modi’s vision of creating a robust manufacturing base in India. It will also reduce India’s electronics imports and provide 1 lakh direct skilled jobs to Indians, turning them from employees to employers.
Agrawal expressed his gratitude to the Gujarat government and the Union IT Minister for helping Vedanta tie things up quickly. He said that India’s tech ecosystem would thrive, benefiting every state from the new manufacturing hubs for electronics.
India will fulfill the digital needs of not just its people but also those from across the seas, said Agrawal. Vedanta Resources Limited, an oil-to-metals conglomerate, decided to diversify into chip manufacturing in February and formed a joint venture with Foxconn.