Vedanta, Foxconn form joint venture to manufacture semiconductors

Mumbai

Vedanta Group and Hon’ble High Technology Group (Foxconn) have signed an MoU to form a joint venture company for manufacturing of semiconductors in India. As per the MoU, Vedanta will have a majority stake in the joint venture. Vedanta Chairman Anil Agarwal will also chair the joint venture company. In a statement, Vedanta said the setting up of the semiconductor unit will give a major boost to domestic manufacturing of electronics in India. It added that talks are on with some state governments to finalize the location of the plant. “The collaboration between Vedanta and Foxconn follows the recent policy announcement of the Government of India for Electronics Manufacturing and PLI Scheme to encourage organizations to contribute to the growth of this sector,” the statement said. “This will be the first joint venture in the electronics manufacturing sector after the announcement of the policy,” the statement said.