Vedanta announced its plans to enter the semiconductor manufacturing industry during the current year and shared details about its chosen partners for this venture. Anil Agarwal, Chairman, Vedanta, mentioned this development just two days after the company and Foxconn terminated their joint venture to produce semiconductors in India. During the company's annual general meeting, Agarwal informed the shareholders, We have arranged partners for our semiconductor venture. Subject to government approvals, our company will embark on a historic journey into semiconductor fab and display fab this year. He further added, This will create a completely new avenue for rapid growth in a sector that holds strategic importance for our country. India presently imports electronics amounting to $ 100 billion annually, with semiconductors and display glass alone accounting for $ 30 billion. In February 2022, Foxconn and Vedanta had jointly announced a $ 19.5-billion venture to manufacture chips and display panels in India, positioning themselves as one of the initial participants in the government's India Semiconductor Mission, which holds crucial significance. Recently, the Vedanta group declared its decision to acquire the semiconductor and display businesses from its sister concern, Twin Star Technologies. This acquisition establishes Vedanta as the first Indian company in the integrated semiconductor and display fab business. The group also owns AvanStrate, the fourth largest manufacturer of glass substrate globally. In addition to its presence in the natural resources sector, including oil and gas, aluminum, zinc, power, copper, steel, and iron ore, Agarwal expressed confidence in the significant returns anticipated from this sector in the coming years. Agarwal emphasized the importance of domestic manufacturing and highlighted the government's efforts to create an investment-friendly environment. He believed that this would benefit India, as the world is increasingly viewing the country as a manufacturing hub. Addressing the shareholders, he stated, your company, being the largest diversified natural resources company in India, is well positioned to seize this enormous opportunity for our nation. Vedanta has allocated $ 1.7 billion for growth capital expenditure in the current year. Also read: Hild Electric bags NTPC order for alkaline electrolysers FIVE becomes first hotel to obtain i-RECs in UAE