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Volcan Investments, not Vedanta, to invest in semi-conductor plant
Vedanta clarified that the proposed business of manufacturing semiconductors is not under the listed entity Vedanta (listed entity) but will be undertaken by the holding company of Vedanta, Volcan Investments.
After signing an agreement with the Gujarat government for investing ₹1.54 lakh crore in a semi-conductor plant, the Anil Agarwal-led company in a statement had said Vedanta will hold 60 per cent stake in the joint venture company while Foxconn will own 40 per cent.
Following this, Vedanta shares listed on the stock exchange rallied from ₹277 to ₹305. Analysts had raised questions about debt-laden Vedanta’s ability to raise such a huge amounts for investment in semi-conductor plants.
Vedanta clarified after market hours that the proposed business of manufacturing semiconductors will be under Volcan Investments.
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