Gujarat: Mining conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn will invest ₹ 1.54 lakh crore to set up India’s first semiconductor production plant in Gujarat.
The ₹ 1.54 lakh crore investment by Vedanta and Foxconn will be used to set up India’s first semiconductor production plant, a display fab unit, and a semiconductor assembling and testing unit.
The plants will be set up on a 1000-acre land in Ahmedabad.
Foxconn is acting as the technical partner, while oil-to-metals conglomerate Vedanta is financing the project.
Vedanta and Foxconn will work closely with the state government to establish high-tech clusters with requisite infrastructure, including land, semiconductor-grade water, and power, the companies said in a joint statement.
Semiconductor chips, or microchips, are essential pieces of many digital consumer products – from cars to mobile phones and ATM cards. The Indian semiconductor market was valued at $27.2 billion in 2021 and is expected to grow at a healthy CAGR of nearly 19 per cent to reach $64 billion in 2026. But none of these chips is manufactured in India so far.