[ad_1]
Indian conglomerate Vedanta has earmarked USD 15 billion for foray into the electronic chip and display manufacturing space, and plans scale up the investment to as much as USD 20 billion, a senior company official said.
Vedanta’s group firm Avanstrate, which will spearhead the semiconductor business, expects to roll out electronic chips and displays from Indian manufacturing plants by 2025, the official of the group’s semiconductor arm said on Friday.
“Semiconductor is a long-term business. We are looking at about USD 10 billion on display. Right now we are looking at USD 7 billion in semiconductors that may also go up by another USD 3 billion to further extend it. First 10 year we have engaged to invest up to USD 15 billion. We will evaluate further investment at a later stage,” Avanstrate managing director Akarsh Hebbar told PTI.
Avanstrate has applied for setting up a semiconductor plant and a display manufacturing unit.
Vedanta has signed a memorandum of understanding with electronics manufacturing services giant Foxconn to form a joint venture company that will manufacture semiconductors in India.
Vedanta is the first company to make the announcement to invest in semiconductor manufacturing after the government announced a USD 10 billion (Rs 76,000 crore) program to boost electronic chip and display ecosystem in the country.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link