Vedanta-Foxconn's Rs 1.54 lakh crore investment in Gujarat to boost economy, jobs: PM Modi
Sep 13, 2022
New Delhi [India], September 13 : Vedanta-Foxconn's Rs 1.54 lakh crore proposed investments to set up semiconductor manufacturing plants in Gujarat will "create a significant impact to boost economy and jobs", Prime Minister Narendra Modi said on Tuesday.
Anil Agarwal-led Vedanta Limited and Taiwan's Foxconn on Tuesday signed a Memorandum of Understanding (MoU) with the Gujarat government for setting up a semiconductor and display FAB manufacturing unit in the state.
"This MoU is an important step in accelerating India's semiconductor manufacturing ambitions. The investment of Rs 1.54 lakh crore will create a significant impact to boost economy and jobs," Prime Minister Modi said in a tweet.
"This will also create a huge ecosystem for ancillary industries and help our MSMEs," the prime minister said.
Home Minister Amit Shah said Vedanta-Foxconn's proposal to set up the semiconductor plant in Gujarat is a big achievement for the state. Shah praised Gujarat Chief Minister Bhupendra Patel for attracting big investments in the state.
"Bhupendra Patel has completed one year of his term today. Various people doubted his capabilities saying that he has never been a minister but today I can proudly say that Bhupendra Patel has shown how development work can be done without speaking. In this one year, Gujarat has reached new heights," Shah said while addressing an event to lay the foundation for various development projects.
CM Patel has recently come after the MoU signing between the Government of Gujarat and Vedanta-Foxconn group, which is a very big achievement for the state. Gujarat has achieved 1st position in good governance across the country, which shows Bhupendra Patel's work, the Home Minister said.
Vedanta Limited and Taiwan's Foxconn have jointly agreed to invest over Rs 1.54 lakh crore in Gujarat.
Vedanta Displays Limited will set up a Display Fab Unit in Gujarat with an investment of Rs 94,500 crore and Vedanta Semiconductors Limited will set up an integrated Semiconductor Fab Unit and OSAT facility in Gujarat with an investment of Rs 60,000 crore.
MoUs were signed for both the projects in Gandhinagar on Tuesday in presence of Gujarat Chief Minister Bhupendra Patel and Union Minister for Electronics and Information Technology Ashwini Vaishnaw.
The two MoUs, together, will bring an investment of more than Rs 1.54 lakh crore and generate around 1 lakh new employment opportunities in the state, as per an official statement released by the Government of Gujarat after the signing of the agreement.
The proposed investment, by Vedanta and Foxconn Group, for setting up of India's first display manufacturing fab unit and an Integrated Semiconductor fab unit with OSAT facility will further support the development of upstream and downstream electronics manufacturing clusters and establishing of healthy trade linkages.
Vedanta and Foxconn Group have agreed to work closely with the state government to establish high-tech clusters with requisite infrastructure, including land, semiconductor grade water, high-quality power, logistics, and a skill ecosystem.
In addition to making India a global partner in the supply chain, the semiconductor fab unit will prove to be a game-changer for the economy. It will create significant employment opportunities for the youth and generate revenue for the state. The proposed semiconductor manufacturing fab unit will operate on the 28nm technology nodes with wafer size 300mm; and the display manufacturing unit will produce Generation 8 displays catering to small, medium and large applications.
Vedanta Limited is a vastly diversified Indian multinational company that has a prominent presence in the power generation, mining, oil and gas sectors. It has a revenue of over $20 billion. Hon Hai Technology Group, also known as Foxconn internationally, is a Taiwanese multinational electronics manufacturer ranked 22nd in the 2021 Fortune Global 500.
