Vedanta Ltd in a race to become India's first chip maker

29 Apr 2022 CW Team

Vedanta Ltd is seeking 1,000 acres of free land from states and other incentives for its $20 billion foray into semiconductor and display manufacturing in a race to become India's first chip maker.

In February, the oil-to-metals conglomerate said it would diversify into chip manufacturing and declared plans to form a joint venture (JV) with Taiwan's Foxconn to support Prime Minister Narendra Modi's plans to create India a semiconductor manufacturing hub.

Under a Modi programme offering fiscal support, though Vedanta is seeking federal incentives, it is separately asking states for 1,000 acres of land free of cost on a lease for 99 years.

It requires 700 acres for its facility and the remainder for ancillaries.

Vedanta has told state governments that its operations would help them generate tax revenues of $2.2 billion over 20 years and create up to 100,000 direct and indirect jobs, said the first source.

The company is in the advanced stages of reviewing proposals from at least three Indian states, Telangana and Maharashtra in the west and Karnataka in the south.

More corporations and nation-states, including India, are examining ways to have seamless access to chips, which is at the core of many future critical technologies.

Most of the world's chip output is confined to a few countries like Taiwan and the United States (US). India is now actively attracting companies, saying it wants to usher in a new era in electronics manufacturing in December.

From $15 billion in 2020, the Indian semiconductor market is likely to reach $63 billion by 2026.

Generally, chip plants consume electricity and water in large quantities, and their erratic supplies often trouble the industry in India.

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Also read: Vedanta to sell 25% stake each in 3 Sterlite Technologies units

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