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 in
International semiconductor consortium ISMC will invest $3 billion in India's southern Karnataka state to set up a chip-making plant, the state government said on Sunday. ISMC is a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel's Tower Semiconductor. U.S. chip giant Intel Corp has announced plans to acquire Tower.
In a race to become India's first chip maker, Vedanta Ltd is seeking 1,000 acres (405 hectares) of free land from states and other incentives for its $20 billion foray into semiconductor and display manufacturing, sources told Reuters. The oil-to-metals conglomerate in February said it will diversify into chip manufacturing and announced plans to form a joint venture with Taiwan's Foxconn to support Prime Minister Narendra Modi's plans to make India a semiconductor manufacturing hub. Though Vedanta is seeking federal incentives under a Modi programme offering fiscal support, it is separately asking states for 1,000 acre of land free of cost on a lease for 99 years, according to two sources with direct knowledge of .