Vedanta Ltd and and electronics manufacturing giant Foxconn will invest ₹1,54,000 crore to set up a semiconductor project in Gujarat. The Memorandum of Understanding (MoU) was signed in the presence of Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw, at a function held in Gandhinagar.
Vedanta Chairman Anil Agarwal tweeted, ‘History gets made’. He also added that this will help make India’s Atmanirbhar Silicon Valley a reality.
“History gets made! Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of ₹1.54 lakh crores will help make India’s Atmanirbhar Silicon Valley a reality,” Anil Agarwal tweeted.
Gujarat Chief Minister Bhupendra Patel said that this facility would create one lakh job opportunities.
In a series of tweets, the Vedanta chairman spoke about how India’s own Silicon Valley is a step closer now.
“This project will help fulfil Hon’ble PM Modi Ji’s vision of creating a robust manufacturing base in India. It will reduce our electronics imports & provide 1 lakh direct skilled jobs to our people…going from job seekers to job creators,” he said in another tweet.
Agarwal also expressed his gratitude to the Gujarat Govt & the Union IT Minister, who have helped Vedanta tie things up so quickly. “India’s #tech ecosystem will thrive, with every state benefiting via the new electronics manufacturing hubs,” tweeted Agarwal.
“India’s own Silicon Valley is a step closer now. #India will fulfil the digital needs of not just her people, but also those from across the seas. The journey from being a Chip Taker to a Chip Maker has officially begun…Jai Hind!,” he concluded.
“This MoU is an important step accelerating India’s semi-conductor manufacturing ambitions. The investment of ₹1.54 lakh crore will create a significant impact to boost economy and jobs. This will also create a huge ecosystem for ancillary industries and help our MSMEs,” tweeted PM Modi.
On 5 September after meeting Prime Minister Narendra Modi, the Vedanta chairman spoke about the possibility of creating another Silicon Valley in India in a series of tweets.
Foxconn is acting as the technical partner, while oil-to-metals conglomerate Vedanta is financing the project as it looks to diversify into chip manufacturing.
Foxconn said in a statement that the state’s infrastructure and the government’s active support “increases confidence in setting up a semiconductor factory”.
Download The Mint News App to get Daily Market Updates.