India’s bid to become a major semiconductor maker has received great impetus with the announcement of an attempt to build a semiconductor manufacturing plant in the country in collaboration with Taiwanese contract maker Foxconn Indian steel and oil company Vedanta.
On Monday, Foxconn announced that it had entered into a joint venture in which Vedanta holds a majority stake in Equity. Foxconn informed that Anil Agarwal, Chairman of Vedanta Resources Limited, will be the Chairman of the Joint Venture.
The name of the joint venture company has not yet been announced as to what type of semiconductors the newly formed company intends to manufacture.
Foxconn said it was in talks with various state governments over where to set up Fab.However, the new venture is sure to create multiple jobs in the country.
The new joint venture between Vedanta and Foxconn is the result of the recently announced Performance Linked Incentives (PLI) project by the Government of India for the manufacture of electronics. The scheme offers a number of benefits to foreign companies who choose to set up their manufacturing units in the country and also fulfills the Government’s “Make in India” agenda.
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