Vedanta signs MoU with 30 Japanese firms

The Vedanta Group has signed a memorandum of understanding with 30 Japanese firms to develop a semiconductor manufacturing ecosystem, the company announced on Tuesday. In collaboration with Taiwanese chipmaker Foxconn, the group has invested $20bn to set up a semiconductor manufacturing facility in Dholera.

The collaborations with the Japanese firms will aid in developing the Indian semiconductor and glass display manufacturing system.

“Vedanta is focused on taking the lead in creating the electronics industry ecosystem rather than just technology transfers. This comprehensive plan can generate business opportunities of over $40bn for our partners in the coming years,” said Akarsh Hebbar, global MD (display and semiconductor business), Vedanta.

“The Dholera region in Gujarat shall be developed along the lines of global science parks and has all the required infrastructure. With Vedanta acting as an anchor unit, the region will be developed for 1,000+ MSMEs to create a sustainable economic environment for hi-tech SCM,” said Vijay Nehra, director of Technology Mission, Gujarat.

Vedanta-Foxconn has inked an MoU with the state government to set up the semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit here. According to the company, the project has an employment potential of at least 1 lakh persons.