Vedanta will hold a majority interest, while Foxconn will be a minority shareholder. Vedanta's Chairman, Anil Agarwal will head the joint venture.
India-based Vedanta has signed an agreement with Taiwan’s Hon Hai Technology Group, better known as Foxconn, to manufacture semiconductors in India.
After the government proposed to create a production-linked incentive (PLI) scheme for semiconductor and display manufacturing, many companies are considering moving their facilities to India. India mainly imports these products which can hamper local production so this move will be advantageous.Silicon Valley, heart of the U.S. tech industry, hasn’t been able to keep up with demand for products that use semiconductors, even as suppliers are struggling with shortages due to the pandemic disruption.
