Vedanta chairman Anil Agarwal says partners lined up for semiconductor manufacturing

“We need several ventures to help India become a semiconductor and display glass hub. We welcome Foxconn and the whole world to come and invest in this sector,” the billionaire businessman said in his tweet.

My vision is to fulfil the dreams of our young India aur issi chip mein chupi hai yuva bharat ke sapno ki chaabi..🇮🇳

We are 100% committed to produce semiconductors and display glass in India and have lined up partners for the same.

India is a land of opportunities with huge…

— Anil Agarwal (@AnilAgarwal_Ved) July 13, 2023

Agarwal’s announcement comes after its deal with Taiwan-based Foxconn to set up a $19.5-billion fab plant fell through.

Announcing its exit from the joint venture, Foxconn announced withdrawal from its JV with Vedanta to set up a $19.5-billion fab plant to manufacture 28 nm and 40 nm chips at Dholera, Gujarat.

On Tuesday, Foxconn in a statement clarified that both ‘parties mutually agreed to part ways’.

“There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project,” Foxconn stated.

The technology manufacturer is reportedly looking at chip manufacturing in the country separately. Multiple media reports stated that Foxconn is planning to apply to the government to set up two fab plants on its own.

At the time of writing, Vedanta’s shares were trading 0.63 per cent higher at Rs 279.40.