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India Wins $20B Semiconductor Tech Investment From Apple Supplier, Vedanta Kicking Off Its Journey As A Chip Maker

  • Vedanta Ltd and Apple Inc (NASDAQ: AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC: HNHAF), operating as Foxconn, aims to invest $19.5 billion to set up semiconductor and display production plants in Gujarat, India, Reuters reports.

  • Vedanta Chair Anil Agarwal tweeted regarding the new plant describing it as the onslaught of India's journey from Chip Taker to a Chip Maker.

  • The joint venture obtained subsidies to set up units near the western state's largest city, Ahmedabad.

  • The showpiece investment of ₹1.54 trillion coincides with the upcoming local elections in the state, where Modi's ruling group is facing a tough challenge from opposition parties.

  • The Vedanta venture aims to manufacture display and chip products within two years.

  • Vedanta plans to set up a display manufacturing unit with an investment of ₹945 billion ($11.95 billion) and separate chip-related production units by investing ₹600 billion ($7.58 billion),

  • Vedanta and Foxconn will work closely with the state government to establish high-tech clusters with the requisite infrastructure.

  • Foxconn will bring technical expertise to the venture, whereas Vedanta, who has a mining background, will finance the project, TechCrunch reports.

  • The state of Gujarat will offer subsidies on capital expenditure and electricity for the project.

  • The Indian government promised to expand incentives beyond an initial $10 billion plan for those investing in semiconductor manufacturing.

  • Photo via Wikimedia Commons

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