Vedanta, Foxconn form joint venture to produce semiconductors

Vedanta to hold majority stake, Anil Agarwal named chairman of the joint-venture company

February 14, 2022 11:02 pm | Updated 11:02 pm IST

Discussions are currently on with a few State governments to finalise the location of the plant

Discussions are currently on with a few State governments to finalise the location of the plant | Photo Credit: Reuters

Mumbai

Vedanta Group and Hon Hai Technology Group (Foxconn), have signed an MOU to form a joint venture company to manufacture semiconductors in India. According to the MOU, Vedanta will hold majority stake in the JV. Vedanta chairman Anil Agarwal will also chair the joint venture company. The setting up of the semiconductor unit would provide a significant boost to domestic manufacturing of electronics in India, Vedanta said in a statement. Discussions are currently on with a few State governments to finalise the location of the plant, it added. “The collaboration between Vedanta and Foxconn follows the India government’s recent policy announcement for Electronics Manufacturing & PLI scheme for incentivising organisations to contribute towards development of this sector,” the statement said. “This will be the first joint venture in the electronics manufacturing space after the announcement of the policy,” the statement added.

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