Vedanta signed the MoUs at the Vedanta-Avanstrate Business Partners Summit 2022.
Vedanta Ltd has signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem.
The pacts were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held in early December in Tokyo, Japan. The summit was attended by more than 200 delegates from over 100 global companies.
“We are committed to making India a hub for electronics manufacturing. Vedanta is focused on taking the lead in creating the electronics industry ecosystem. This comprehensive plan has the potential to generate business opportunities of over $40 billion for our partners in the coming years,” said Mr Akarsh K. Hebbar, global managing director of the display and semiconductor business, Vedanta.
The event had representatives from the Indian Embassy in Japan and the Gujarat government led by Mr Vijay Nehra, Director, Technology Mission, Gujarat, who said, “Dholera region in Gujarat shall be developed along the lines of global science parks. With Vedanta acting as an anchor unit, the region will be developed for 1000+ MSMEs to create a sustainable economic environment for hi-tech SCM.”
Earlier in September, the Mumbai-headquartered company along with Taiwan’s Foxconn signed an agreement with the Gujarat government to invest ₹1.54 trillion to set up a semiconductor and display fabs manufacturing unit in the state. The company formed a joint venture with Foxconn for manufacturing chips under the Centre’s ₹76,000-crore incentive scheme regarding the development of semiconductors and the display manufacturing ecosystem in India.
The Gujarat project envisages a total investment of $20 billion with an employment potential of over 100,000.
Vedanta Ltd, an arm of Vedanta Resources Ltd, is one of the world’s leading oil and gas and metals companies with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium, and power across India, South Africa and Namibia. The company aims to provide affordable electronics for Indians and is attracting global players across the value chain.
