Vedanta to invest $15 bn in semiconductor, display unit ventures

23 Feb 2022 CW Team

The Vedanta Group, led by Anil Agarwal, is preparing for two individual ventures which may witness investments of around $15 billion in chip and display manufacturing space across the country.

One venture will be with the Hon Hai Technology Group, also known as Foxconn to manufacture 28-nanometer semiconductor chips, these will be based on a technology developed by Taiwanese multinationals. While the other is for a display manufacturing unit.

For the display unit venture, the company is having discussions with a minimum of seven global major companies which include Japan Display, LG, and Sharp for a potential partnership in technology or equity.

According to the managing director of Avanstrate (Vedanta Group firm), Akarsh Hebbar there are going to be two different special purpose vehicles (SPVs). There will be a 60:40 joint venture (JV) between Avanstrate and Foxconn for the chip (will bring in technology) manufacturing, wherein two equity partners are enough.

Currently, Avanstrate is searching for about 450 acres of land for both ventures. The locations are set in various parts of the country such as Maharashtra, Gujarat, Karnataka, and Tamil Nadu.

The two companies formed a joint venture (JV) for the manufacturing of semiconductors on February 14. In the electronics manufacturing space this JV was the first tie-up after the government announced the incentive policy.

Vedanta group is expected to commence the manufacturing of 28-nanometer chips that are used widely in India by 2026. It expects the production to reach about 60,000 units per month. The display venture is expected to be in place by 2024.

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Also read: Vedanta partners with Foxconn to produce semiconductors in India

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