Vedanta, Foxconn to jointly invest Rs 1.54 lakh crore in Gujarat

Gandhinagar (Gujarat) [India], September 13 (ANI): Anil Agarwal-led Vedanta Limited and Taiwan's Foxconn on Tuesday signed Memorandums of Understanding (MoUs) with the Gujarat government for setting up a semiconductor and display FAB manufacturing unit in the state with an investment of over Rs 1.54 lakh crore.
The agreement was signed in presence of the Chief Minister of Gujarat Bhupendra Patel and the Union Minister for Electronics and Information Technology Ashwini Vaishnaw. Minister for Education, Science and Technology, Government of Gujarat Jitubhai Vaghani was also present on the occasion.
The Vedanta-Foxconn group under the MoU will set up a Display Fab Unit in Gujarat with an investment of Rs 94,500 crore as well as an integrated Semiconductor Fab Unit and OSAT facility in Gujarat with an investment of Rs 60,000 crore.
The two MoUs, together, will bring an investment of more than Rs 1.54 lakh crore and generate around 1 lakh new employment opportunities in the state, stated Jitu Vaghani during the event at a Hotel in Gandhinagar.
The proposed investment, by Vedanta and Foxconn Group, for setting up of India's first display manufacturing fab unit and an Integrated Semiconductor fab unit with an OSAT facility will further support the development of upstream and downstream electronics manufacturing clusters and establishing of healthy trade linkages.
Vedanta and Foxconn Group will work closely with the state government to establish high-tech clusters with requisite infrastructure, including land, semiconductor-grade water, high-quality power, logistics, and a skill ecosystem.
In addition to making India a global partner in the supply chain, the semiconductor fab unit will prove to be a game-changer for the economy. It will create significant employment opportunities for the youth and generate revenue for the state.
Ashwini Vaishnaw during the event stated that it is PM Modi's vision to establish India as a global manufacturing hub and a major player in the semiconductor supply chain. Under his visionary leadership, the Government of India has taken several key initiatives to reduce the dependence on imports of electronic goods by giving impetus to domestic manufacturing of electronic, semiconductor products and components.
Chief Minister of Gujarat Bhupendra Patel welcomed the Vedanta and Foxconn Group's mega investment in the state. He stated that this huge investment coming on the day when his government completes 1 year also is a testimony to the policy stability and policy support coupled with good governance and excellent infrastructure facilities existing in Gujarat. The CM also assured all necessary support from the Government and remarked that the Vedanta and Foxconn group will get with red carpet in Gujarat instead of any red tape.
Jitubhai Vaghani, Minister for Education, Science and technology Gujarat, said that this project would generate huge employment opportunities for the youth of Gujarat and India at large, while also contributing to the economy and national security.
Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, present on the occasion highlighted the importance of this investment viz-a-viz the Prime Minister's vision for achieving self-reliance in the field of semiconductor manufacturing. The minister said that it is a step in the right direction for Gujarat helping towards building a one trillion-dollar digital national economy.
Vedanta Group Chairman Anil Agrawal, during the event, said that Gujarat has had a long history of having an investor-friendly atmosphere and a robust manufacturing base. Additionally, the recently notified semiconductor policy with excellent incentives on capital expenditure, land, water and power has made Gujarat a very compelling choice for his company's huge foray into the semiconductor manufacturing sector.
Gujarat is known for its policy-driven approach to developing a conducive business ecosystem. In line with the above initiatives of the Government of India, the Government of Gujarat has recently notified the Semiconductor Policy [2022-27] to attract investment in the semiconductor chip manufacturing sector. With the announcement of this policy, Gujarat has become the first and only state to announce a dedicated policy to support the semiconductor and display manufacturing sector. (ANI)