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Vedanta chooses Gujarat for $20 billion Semiconductor Project in partnership with Foxconn: Report


Vedanta, the Indian multinational mining company, is said to have chosen Gujarat for its upcoming semiconductor project. This will be the company’s first major step in a $20 billion (approximately Rs 1,59,070) joint venture with Taiwanese electronics manufacturer Foxconn. According to the report, the company has received financial and non-financial subsidies including capital expenditure and cheap electricity from Gujarat to build semiconductor factories. Vedanta sought 1,000 acres of free land with 99-year leases and fixed prices for water and electricity, according to a report, which states that other states such as Maharashtra, Telangana and Karnataka are also vying to host the project. the company’s upcoming project. .

According to a Reuters report citing two unnamed sources, Indian multinational mining company Vedanta has pick Gujarat for the upcoming semiconductor project in partnership with Taiwan-based Foxconn.

As mentioned earlier, this is Veda’s first major move in a $20 billion (approximately Rs 1,59,070) joint venture with the Taiwanese smartphone maker. To build the semiconductor plants, Vedanta is said to have received both financial and non-financial subsidies covering investment costs and cheap electricity.

The project is expected to include display screens along with semiconductor facilities near Ahmedabad. The Indian company was reportedly looking for 1,000 acres of free land with a 99-year lease along with water and electricity at a low, fixed price for 20 years, according to the report, which states that Gujarat has beaten Maharashtra , also in running to lead the project.

An official announcement regarding the project is expected this week with both parties signing a memorandum of understanding, according to the report.


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