Vedanta-Foxconn To Re-submit Semiconductor Plant Application
The Vedanta-Foxconn joint venture (JV) has reportedly resubmitted its application for a 40-nanometer (nm) node fabrication plant, according to a media report on Wednesday.
The JV’s reapplication came in following the Centre’s recent changes to the production-linked incentive (PLI) scheme for semiconductors.
Reports mentioned that last year Vedanta had applied for a 28 nm node, however, the government ordered its resubmission. This time, the company has made several modifications to its initial application, it added.
Meanwhile, Union Electronics and IT Minister Ashwini Vaishnaw has recently stated that since the launch of the programme, it has undergone significant changes in the past year.
The minister underlined the changed market dynamics in the past two years, as the electric vehicle industry is evolving and the telecom industry is growing. He stressed that today the race is for mature nodes.
Earlier, with the government’s green signal for the applications worth Rs 76,000 for the PLI scheme, in January 2022 only three applicants emerged namely Vedanta-Foxconn joint venture, Next Orbit Ventures and Singapore-based IGSS Ventures
Micron is the first company to be approved under the PLI scheme and is likely to set up its semiconductor assembly and test plant in Gujarat.
The government seems determined towards its semi-conductor mission and is accordingly taking steps. Its new guidelines suggest an increased financial incentive of 50 per cent on the project cost for companies on any node.
