Vedanta To Have New Partner For Its Semicon Plans: Reports
Vedanta Chairman Anil Agarwal on Friday reportedly said that the company has found a tech partner for its semiconductor unit in India and is in the process to seal the partnership, as per media reports on Friday.
Agarwal was addressing a Semicon event where he asserted the mining company’s commitment to manufacturing and displaying semiconductors in India.
The Chairman said Gujarat is the right state for creating the Silicon Valley of India. He emphasised the PM’s efforts to make India a Semicon hub of Asia.
Agarwal’s remark on its new collaboration was much awaited since Taiwan's Foxconn withdrew its deal with Vedanta, a semiconductor joint venture through which the two companies were aiming chip manufacturing in Indian markets.
The broken deal was of USD 19.5 billion which shattered Vedanta’s chip-making planning to a great extent, claimed reports.
Foxconn and Vedanta signed the semiconductor pact last year to set up and display the Semicon production plants in Gujarat. The recently broken deal is believed to set back Modi-government's chip-making vision according to reports.
