Foxconn And Vedanta To Set Up Semiconductor Unit In Gujarat

Ahmedabad: Indian conglomerate Vedanta and electronics manufacturing giant Foxconn signed a Memorandum of Understanding with the Gujarat government on Tuesday to set up a semiconductor and display FAB manufacturing unit in the state. The MoU was signed in the presence of Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw, at a function held in Gandhinagar.

Both the companies would invest Rs 1,54,000 crore to set up the facility in Gujarat, which would create one lakh job opportunities, Gujarat Chief Minister Bhupendra Patel said on the occasion. Patel also said his government will provide cooperation to set up the facility and to make it a success.

https://www.youtube.com/watch?v=/A4HzdHv86UE

Vedanta is one of the companies to show interest in benefiting from the recently announced PLI scheme for electronics manufacturing. And the company has wasted no time in finding the right partner to fulfil its mission. “The collaboration between Vedanta and Foxconn follows the Indian Government’s recent policy announcement for Electronics Manufacturing & PLI scheme for incentivising organisations to contribute towards development of this sector,” Foxconn had said earlier this year.

India wants to take advantage of the uncertainties posed in China over the past few years owing to geo-political tensions. Apple has already looked at Vietnam and India as the next main production hubs outside of China, and reports suggest the company will start make in India for the iPhone 14 series in the coming months.

Foxconn has a strong reputation in manufacturing, becoming the go-to manufacturer for giants like Apple and Xiaomi over the years. But even for a brand like Foxconn, dabbling into the semiconductor industry shows the interest generated by the recent announcement from the Indian Government.
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(With PTI inputs)

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