Vedanta awaits government permission for semiconductor plant, here what’s the company has to say

Vedanta is awaiting approval from the Indian government for incentives related to a revised semiconductor production plan. Once the government gives its go-ahead, Vedanta intends to initiate the construction of a plant in the western state of Gujarat. Additionally, the company has enlisted the support of technology and equity partners for this project.
“Vedanta Group remains fully committed to building India’s first semiconductor and display fabs in Dholera Special Investment Region in Ahmedabad district, Gujarat. Substantial progress has happened to tie up technology and equity partners in semiconductors and we will make an announcement soon,” said Akarsh K Hebbar, Global MD, Vedanta Semiconductors and Display.
“We continue to achieve key milestones in our progress. We have engaged with more than 100 global suppliers and ancillary industries who will form a key part of the semiconductor and display ecosystem. The Government of Gujarat has allotted us the land in Dholera and work is already underway to prepare it for construction of the fabs,” he added further.
“In display fab, we already have a partnership with Innolux and are ready to proceed with speed with full support of our partner.”
“We will await the Government of India’s nod to our applications under the modified scheme for semiconductor and display fabs. Thereafter, we will immediately begin construction and set out on the path to make India atmanirbhar in electronics in line with the vision of our Honourable Prime Minister,” reads the statement.
Foxconn and Vedanta split up
Foxconn, the major manufacturer of Apple iPhones, recently announced its withdrawal from the $19.5 billion joint venture with Vedanta for semiconductor production in India. The agreement between Foxconn and Vedanta was made last year, intending to invest in Gujarat, a western state of India. The joint venture aimed to establish manufacturing facilities for semiconductors and displays, with the goal of becoming a significant player in the electronics industry.
In an official statement, Foxconn has confirmed that they are in the process of dissociating their name from the fully owned entity of Vedanta. They believe that retaining the original name could potentially lead to confusion among future stakeholders. Therefore, Foxconn wants to make it clear that they have no connection to this entity going forward.
After Foxconn’s exit, Vedanta Group successfully obtained full ownership of their joint venture with Foxconn. The joint venture was established last year with the aim of manufacturing semiconductors in India. With this acquisition, Vedanta Limited has now become the first company in India to provide comprehensive services in semiconductor and display fabrication.