Vedanta picks Gujarat for $20 billion semiconductor project in partnership with Foxconn: Report

Indian multinational mining company Vedanta has reportedly chosen Gujarat for its upcoming semiconductor project. This will be the company’s first major move in its $20 billion (approx. Rs. 1,59,070 crore) joint venture with Taiwanese electronics maker Foxconn. The company has reported getting financial and non-financial subsidies from Gujarat, including capital expenditure and cheap power, to build semiconductor plants. Vedanta sought 1,000 acres of land on a 99-year lease free of cost and fixed rates for water and electricity, according to a report, adding that other states like Maharashtra, Telangana and Karnataka are also keen to host the company’s upcoming project. .

Indian multinational mining company Vedanta, Reuters reported, citing two unnamed sources picked up Gujarat for its upcoming semiconductor project in partnership with Taiwan-based Foxconn.

As mentioned earlier, this is the first major step in Vedanta’s $20 billion (roughly Rs. 1,59,070 crore) joint venture with the Taiwanese smartphone maker. To set up the semiconductor plant, Vedanta is said to have secured both financial and non-financial subsidies, including capital expenditure and low-cost electricity.

The project is expected to include displays with semiconductor facilities near Ahmedabad. The Indian company had sought 1,000 acres of land on a 99-year lease for 20 years with fixed, low-cost water and electricity free of charge, according to the report, with Gujarat beating out Maharashtra, which was also in it. Running to host the project.

According to reports, the two sides are expected to sign an MoU this week and make an official announcement about the project.