The shares of Vedanta Ltd climbed as much as 3.4 percent on Tuesday after the company said it had chosen Gujarat to set up the new Vedanta-Foxconn semiconductor plant.
The company's stock was trading 2.9 percent higher on BSE at the time of writing.
Vedanta Chairman Anil Agarwal said, "The poor can't afford a Rs 15,000-20,000 phone. It has just two raw materials — glass and semiconductor. Rest can be manufactured in our factories. I'm dreaming of the cluster around this. It's becoming a hub of semiconductor and glass."
Agarwal said that Vedanta-Foxconn is trying to ensure that production gets underway within two years. "This isn't just about 1 lakh jobs, we are transforming the nation."
Prime Minister Narendra Modi regarded the MoU as an "important step accelerating India's semi-conductor manufacturing ambitions."
Agarwal had, on April 12, announced that the company, in partnership with Foxconn, would set up a semiconductor manufacturing plant in the next two years. The conglomerate had entered a pact with electronics manufacturing giant Foxconn to form a joint venture for manufacturing semiconductors in India.
Catch latest market updates with CNBCTV18.com's blog
The company's stock was trading 2.9 percent higher on BSE at the time of writing.
Vedanta Chairman Anil Agarwal said, "The poor can't afford a Rs 15,000-20,000 phone. It has just two raw materials — glass and semiconductor. Rest can be manufactured in our factories. I'm dreaming of the cluster around this. It's becoming a hub of semiconductor and glass."
History gets made! 🇮🇳 Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of ₹1.54 lakh crores will help make India's #Atmanirbhar Silicon Valley a reality. (1/4)
— Anil Agarwal (@AnilAgarwal_Ved) September 13, 2022
The Indian conglomerate and Foxconn signed a memorandum of understanding with the Gujarat government for setting up the plant for Rs 1.54 lakh crore. Gujarat Chief Minister Bhupendra Patel and Union Minister Ashwini Vaishnaw attend the MoU signing ceremony.
Agarwal said that Vedanta-Foxconn is trying to ensure that production gets underway within two years. "This isn't just about 1 lakh jobs, we are transforming the nation."
Prime Minister Narendra Modi regarded the MoU as an "important step accelerating India's semi-conductor manufacturing ambitions."
This MoU is an important step accelerating India’s semi-conductor manufacturing ambitions. The investment of Rs 1.54 lakh crore will create a significant impact to boost economy and jobs. This will also create a huge ecosystem for ancillary industries and help our MSMEs. https://t.co/nrRbfKoetd
— Narendra Modi (@narendramodi) September 13, 2022
Agarwal had, on April 12, announced that the company, in partnership with Foxconn, would set up a semiconductor manufacturing plant in the next two years. The conglomerate had entered a pact with electronics manufacturing giant Foxconn to form a joint venture for manufacturing semiconductors in India.
Catch latest market updates with CNBCTV18.com's blog
First Published: Sept 13, 2022 2:19 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
