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.

Products

06 Oct 2025

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Infrastructure Energy

06 Oct 2025

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

Infrastructure Energy

06 Oct 2025

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India. The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..