Vedanta Announces Tech Partner for Semiconductor Unit: Anil Agarwal Reveals at ‘Semicon India 2023’

Vedanta chairman Anil Agarwal Courtesy by republic

During the ‘Semicon India 2023’ event on Friday, Agarwal stated that Vedanta is wholeheartedly dedicated to manufacturing semiconductors and display fab.

Two weeks after terminating its joint venture with Foxconn, Vedanta chairman Anil Agarwal announced on Friday that the company has found a “world-class” technology partner for its semiconductor unit in India and is in the final stages of negotiations.

During the ‘Semicon India 2023’ event, Agarwal expressed Vedanta’s unwavering commitment to manufacturing semiconductors and display fab. He stated, “We have already identified a world-class tech partner for semiconductors and are in the process of tying up with them,” while also praising Gujarat as the ideal location for creating the Silicon Valley of India.

He lauded Prime Minister Narendra Modi and the Gujarat state government for their dedicated efforts to transform India into a semiconductor hub in Asia. Agarwal emphasized that India is currently the best investment destination due to the ease of land acquisition.

Taiwan-based Foxconn recently announced its withdrawal from the $19.5 billion joint venture (JV) with Vedanta for semiconductor production in India. Despite the setback, Agarwal assured that Vedanta is fully committed to semiconductor production and has lined up new partners.

In a tweet, Agarwal welcomed Foxconn and other global entities to invest in India’s semiconductor and display glass sector, underscoring India’s vast potential and numerous opportunities for growth.

Minister of State for Electronics and Information Technology Rajeev Chandrasekhar also expressed confidence in India’s semiconductor future, stating that the country is on track to invest $10 billion in the sector over the next decade, aiming to achieve what countries like China achieved in 25-30 years.Deloitte’s “2023 semiconductor industry outlook” report predicts the global semiconductor industry’s revenue to reach $1 trillion by 2030.

The government is actively collaborating with the industry to establish a comprehensive curriculum that will create 85,000 globally skilled talents in VLSI (very large scale integration), ranging from post-doctorate degrees to undergraduate courses.

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