Substantial progress made to tie up tech, equity partners for semiconductors: Vedanta

Vedanta news: Vedanta Group remains committed to building India's first semiconductor and display fabs in Dholera Special Investment Region in Gujarat, and substantial progress has happened to tie up technology and equity partners in semiconductors, a senior executive said on Tuesday.

Vedanta news: Vedanta Group remains committed to building India's first semiconductor and display fabs in Dholera Special Investment Region in Gujarat. Image: Reuters/ Representational image

Vedanta news: Vedanta Group remains committed to building India's first semiconductor and display fabs in Dholera Special Investment Region in Gujarat, and substantial progress has happened to tie up technology and equity partners in semiconductors, a senior executive said on Tuesday. Akarsh K Hebbar, Global MD of Vedanta Semiconductors and Display, said that the company will await Government nod to its applications under the modified scheme for semiconductor and display fabs.

"Thereafter, we will immediately begin construction and set out on the path to make India atmanirbhar in electronics in line with the vision of our Honourable Prime Minister," Hebbar said in a statement. Last week, Foxconn announced its withdrawal from the semiconductor joint venture with oil-to-metals conglomerate Vedanta. Foxconn later said it is working on separate plans to apply for incentives under the semiconductor and display fab programme, as the contract manufacturer pledged its commitment to India.

Hebbar said that Vedanta Group is "fully committed" to building India's first semiconductor and display fabs in Dholera Special Investment Region in Ahmedabad district, Gujarat. "Substantial progress has happened to tie up technology and equity partners in semiconductors and we will make an announcement soon," Hebbar added.

TRENDING NOW

More than 100 global suppliers and ancillary industries, who will form a key part of the semiconductor and display ecosystem, have been engaged. "We continue to achieve key milestones in our progress. We have engaged with more than 100 global suppliers and ancillary industries who will form a key part of the semiconductor and display ecosystem. The Government of Gujarat has allotted us the land in Dholera and work is already underway to prepare it for construction of the fabs," Hebbar said. Hebbar added: "In display fab, we already have a partnership with Innolux and are ready to proceed with speed with full support of our partner."

Catch latest minute-by-minute stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.

TAGS:

Vedanta