Modi meets Foxconn Chief Young Liu, Hails Manufacturing Plans for India
CEO Insights Team, 0
Liu also met Akarsh Hebbar, Vedanta Group's Global Managing Director of Display and Semiconductor Business, to discuss next steps for their proposed partnership to manufacture semiconductor chips in the country. Vedanta and Foxconn signed a MoU in February to form a joint venture company in India. Vedanta will hold 60 percent of the equity in the JV while Foxconn will own 40 percent. “The VedantaFoxconn partnership will, in the coming years, arrest the electronic component import bill of around $100 billion. Vedanta and Foxconn
are in discussion with some state governments, to finalize the location of semiconductor units soon”, the companies said in a statement.
This is the first joint venture in the electronics manufacturing space after the announcement of the production-linked incentive (PLI) scheme for semiconductors and display manufacturing. Vedanta is planning to invest around $15 billion in a phasewise manner over the next 5-10 years to build displays and semiconductor chips in India. The JV will look at setting up a semiconductor manufacturing plant in the next two years, said the companies. India, which aims to become a global semiconductor hub in coming years, is set to pump $30 billion into its technology sector to achieve independence on chips so that it isn't ‘held hostage’ to global suppliers.
The Indian government recently announced an outlay of Rs.76,000 crore (around $10 billion), under its production linked incentive (PLI) scheme, separately for the development of a semiconductor and display manufacturing electronics ecosystem. In the last few years, India has been actively promoting cooperation with Taiwan in trade, investment, tourism, culture, education, and people-to-people exchanges. Both the countries have also constituted teams for the expansion of fruitful collaboration in education and skill development.
This is the first joint venture in the electronics manufacturing space after the announcement of the production-linked incentive (PLI) scheme for semiconductors and display manufacturing. Vedanta is planning to invest around $15 billion in a phasewise manner over the next 5-10 years to build displays and semiconductor chips in India. The JV will look at setting up a semiconductor manufacturing plant in the next two years, said the companies. India, which aims to become a global semiconductor hub in coming years, is set to pump $30 billion into its technology sector to achieve independence on chips so that it isn't ‘held hostage’ to global suppliers.
Vedanta is planning to invest around $15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India
The Indian government recently announced an outlay of Rs.76,000 crore (around $10 billion), under its production linked incentive (PLI) scheme, separately for the development of a semiconductor and display manufacturing electronics ecosystem. In the last few years, India has been actively promoting cooperation with Taiwan in trade, investment, tourism, culture, education, and people-to-people exchanges. Both the countries have also constituted teams for the expansion of fruitful collaboration in education and skill development.