Vedanta joins hands with Foxconn to manufacture semiconductors in India

NEW DELHI: Vedanta on Monday said it has signed a pact with electronics manufacturing services giant Foxconn to form a joint venture (JV) for manufacturing semiconductors in India.
Vedanta is the first company to make the announcement to invest in semiconductor manufacturing after the government announced a Rs 76,000-crore programme to boost electronic chip and display ecosystem in the country.
This is also the second attempt of Vedanta to enter the semiconductor space after its earlier plans to set up a display unit with about Rs 60,000 crore investment could not take off.
“According to the MoU (memorandum of understanding) signed between the two companies, Vedanta will hold the majority equity in the JV, while Foxconn will be the minority shareholder,” the statement said.