The Vedanta-Foxconn partnership has signed two MoUs with the Gujarat government to set up a demonstration and semiconductor manufacturing plant in the state. The companies aim to invest $19.5 billion (approx. Rs. 1,54,350 crore) under the joint venture. According to Foxconn and Vedanta, the new projects under the joint venture will create over 1,00,000 jobs in Gujarat. The companies plan to start manufacturing display and chip products in the next two years. Interestingly, Gujarat beat Maharashtra in a close race to win the plant position.
The Vedanta-Foxconn joint venture has signed an MoU with the Gujarat government to set up a demonstration and semiconductor manufacturing plant in Prime Minister Narendra Modi’s home state of Gujarat. As mentioned earlier, the company aims to invest $19.5 billion (approx. Rs. 1,54,350 crore) under the partnership. Under the agreement, the Vedanta-Foxconn joint venture will set up a semiconductor fab unit, a display fab unit and a semiconductor assembling and testing unit in Ahmedabad.
There was a report earlier this week [said](https://gadgets360.com/laptops/news/vedanta-gujarat-semiconductor-plant-foxconn-usd-20-billion-3338094) The joint venture has secured subsidies including capital expenditure and power from Gujarat to set up the units. Near Ahmedabad.
The Vedanta-Foxconn project is expected to create 1,00,000 jobs in Gujarat. Foxconn will act as a technical partner in the venture, while Vedanta will finance the project.
An investment of Rs. 1,54,000 crore is said to be the largest ever by any group in an Indian state. The huge investment comes ahead of crucial local elections in Gujarat. Communication and IT Minister Ashwini Vaishnav also announced the deal in a tweet.
A step towards realizing PM @narendramodi Ji’s vision to establish India as a trusted partner in the global semiconductor supply chain. Vedanta-Foxconn signed an MoU with Gujarat to set up a semiconductor and display fab worth ₹1.54 lakh crore and create 1 lakh direct employment. pic.twitter.com/JE8A3uiDA8
— Ashwini Vaishnaw (@AshwiniVaishnaw) 13 September 2022
To recall, Gujarat beat Maharashtra in a close race to win the plant position.
Meanwhile, Vedanta and Foxconn had a joint venture [announced](https://gadgets360.com/mobiles/news/foxconn-vedanta-india-chip-semiconductor-partnership-global-shortage-iphone-maker-apple-supplier-2768928) In February this year, when the two companies collaborated with the Indian government Semiconductor manufacturing plans. According to the deal, Vedanta will hold 60 percent equity, while Foxconn will own 40 percent.
