Vedanta, Foxconn enter JV for semiconductor project in Gujarat

15 Sep 2022 CW Team

Vedanta has selected Gujarat for its semiconductor project. This is the first major step in its $20 billion joint venture with Taiwan's Foxconn. Vedanta obtained financial and non-financial subsidies including capital expenditure and cheap electricity from Gujarat to build the semiconductor plants.

The project will include display and semiconductor facilities near the largest city of Ahmedabad in the western state, the source added, declining to be named ahead of an official announcement.

While lobbying for incentives, Vedanta had sought 1,000 acres (405 hectares) of land free of cost on a 99-year lease, and water and power at concessionary and fixed prices for 20 years.

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