Vedanta, led by Anil Agarwal, and Hon Hai Technology Group (Foxconn) are set to jointly manufacture semiconductor chips in India under a performance-based incentive scheme to promote the industry in the federal government.
Earlier, in December 2021, over the next five to six years, Rs. The central government has approved a PLI project for semiconductor and display board production, with an investment target of Rs 76,000 crore. The India Semiconductor Mission (ISM) was recently announced with the aim of attracting large investments in manufacturing facilities amid the global semiconductor chip crisis.
Negotiations are underway with some state governments to finalize the location of the plant. But company officials did not say how much the investment would take, the location of the project and the estimated productivity
The Vedanta Group shared in January its intention to invest $ 15 billion to manufacture display and semiconductor chips in India over the next five years. Vedanta Group said in January that it plans to invest $ 15 billion to manufacture display and semiconductor chips in India over the next five years.
Hon Hai Technology Group is a multi-billion dollar Taiwanese electronics contract maker renowned for making Apple iPhones and other popular products. In December, the company bought $ 350 million worth of shares in a subsidiary of India. This new investment is said to be part of its long-term growth in India.
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Hon Hai, its subsidiary Foxconn and other subsidiaries are world leaders in the electronic manufacturing services (EMS) sector with more than 40% market share.
Vedanta will hold a majority stake in the company, according to a memorandum of understanding signed between the two companies on Monday. Foxconn holds less shares than that. Agarwal of Vedanta will be the head of the joint venture.
Last December, about 2,000 employees blocked the Chennai-Bangalore highway for more than 12 hours, demanding action against Napas for serving substandard food at a restaurant where Foxconn workers were staying in Sriperumbudur. The plant was then tested at the plant. Production resumed in mid-January after management assured that action would be taken to rectify the situation.
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