Vedanta Selects Gujarat for $20 Billion Semiconductor Project in Partnership With Foxconn: Report

Vedanta had reportedly sought 1,000 acres of land free on a 99-year lease for the project.

By Jasmin Jose | Updated: 12 September 2022 19:02 IST

Vedanta Selects Gujarat for $20 Billion Semiconductor Project in Partnership With Foxconn: Report

Vedanta has picked Gujarat for its upcoming semiconductor project in partnership with Foxconn

Highlights

Vedanta has been said to have obtained subsidies
Official announcement is expected to take place this week
Vedanta has sought power, water for a fixed price for 20 years

Vedanta, the Indian multinational mining company, has reportedly selected Gujarat for its upcoming semiconductor project. This will be the company's first major step in its $20 billion (roughly Rs. 1,59,070 crore) joint venture with Taiwanese electronics manufacturer Foxconn. The company has reportedly obtained financial and non-financial subsidies including on capital expenditure and cheap electricity from Gujarat to build the semiconductor plants. Vedanta sought 1,000 acres of land free of cost on a 99-year lease and fixed prices for water and power, as per a report, which says that other states such as Maharashtra, Telangana, and Karnataka were also vying to host the company's upcoming project.

According to a report by Reuters citing two unnamed sources, the Indian multinational mining company Vedanta has picked Gujarat for its upcoming semiconductor project in partnership with Taiwan-based Foxconn.

As mentioned earlier, this is Vedanta's first major step in its $20 billion (roughly Rs. 1,59,070 crore) joint venture with the smartphone manufacturer from Taiwan. In order to build the semiconductor plants, Vedanta is said to have obtained both financial and non-financial subsidies including on capital expenditures and low-cost electricity.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

The project is expected to include display along with semiconductor facilities near Ahmedabad. The Indian company had sought 1,000 acres of land free of cost on a 99-year lease along with water and power at a fixed, low price for 20 years, according to the report, which states that Gujarat beat Maharashtra, which was also in the running to host the project.

Taiwan’s Position in Chip Market Make It Important Ally for US Against China

An official announcement regarding the project is expected to take place this week with both the sides signing a memorandum of understanding, as per the report.

Apple unveiled eight new products at its September ‘Far Out' event. Which ones will float — and which will sink? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.