India poised to approve Vedanta-Foxconn semiconductor chip plan

18 May 2023 CW Team

Vedanta Foxconn Semiconductors Limited (VFSL) has signed agreements with two companies, GlobalFoundries and STMicroelectronics, to facilitate technology transfer. The details of these two companies have been submitted to the Ministry of Electronics and Information Technology (MeitY).

The government has also directed VFSL to submit details of a "binding technology transfer agreement" with either of the two companies.

The IT Ministry is the nodal ministry for the ISM and has suggested that GlobalFoundries and STMicroelectronics acquire a stake in VFSL. Both companies have responded positively to the suggestion and their proposals are awaited.

VFSL is a joint venture between India's Vedanta Group and Taiwan's Hon Hai Precision Industry (Foxconn). The two companies have 63% and 37% stakes in the company, respectively.

The company is initially looking to invest Rs 66,000 crore (US$8.7 billion) to set up a semiconductor manufacturing facility at Dholera in Gujarat. The joint venture has planned a total of Rs 1.54 lakh crore (US$20.4 billion) in investments for the Dholera facility.

The approval of the Vedanta-Foxconn plan is a major step towards India's goal of becoming a global hub for semiconductor manufacturing. The government is hoping that the plan will help to reduce India's dependence on imports for semiconductors and boost the domestic manufacturing sector.

The approval of the plan is also a major boost for the ISM, which was launched in 2021 with the aim of attracting investment in the semiconductor manufacturing sector in India. The ISM has already received commitments of over $10 billion from global companies, including Vedanta-Foxconn.

The approval of the Vedanta-Foxconn plan is a positive development for the Indian economy and is expected to create jobs and boost exports. The plan is also expected to help India to become a global leader in the semiconductor manufacturing sector.

The Indian government is set to approve a plan by Vedanta and Foxconn to manufacture semiconductor chips in the country. The plan, which is being supported by the $10 billion India Semiconductor Mission (ISM), would see India become a global hub for semiconductor manufacturing. Vedanta Foxconn Semiconductors Limited (VFSL) has signed agreements with two companies, GlobalFoundries and STMicroelectronics, to facilitate technology transfer. The details of these two companies have been submitted to the Ministry of Electronics and Information Technology (MeitY). The government has also directed VFSL to submit details of a binding technology transfer agreement with either of the two companies. The IT Ministry is the nodal ministry for the ISM and has suggested that GlobalFoundries and STMicroelectronics acquire a stake in VFSL. Both companies have responded positively to the suggestion and their proposals are awaited. VFSL is a joint venture between India's Vedanta Group and Taiwan's Hon Hai Precision Industry (Foxconn). The two companies have 63% and 37% stakes in the company, respectively. The company is initially looking to invest Rs 66,000 crore (US$8.7 billion) to set up a semiconductor manufacturing facility at Dholera in Gujarat. The joint venture has planned a total of Rs 1.54 lakh crore (US$20.4 billion) in investments for the Dholera facility. The approval of the Vedanta-Foxconn plan is a major step towards India's goal of becoming a global hub for semiconductor manufacturing. The government is hoping that the plan will help to reduce India's dependence on imports for semiconductors and boost the domestic manufacturing sector. The approval of the plan is also a major boost for the ISM, which was launched in 2021 with the aim of attracting investment in the semiconductor manufacturing sector in India. The ISM has already received commitments of over $10 billion from global companies, including Vedanta-Foxconn. The approval of the Vedanta-Foxconn plan is a positive development for the Indian economy and is expected to create jobs and boost exports. The plan is also expected to help India to become a global leader in the semiconductor manufacturing sector.

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Infrastructure Urban

06 Feb 2026

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Infrastructure Urban

06 Feb 2026

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..