New Delhi
Vedanta Group expects its semiconductor business turnover to be in the range of USD 3 to 3.5 billion out of which around USD 1 billion will come from exports, a senior official of the company said.
Vedanta Group’s global managing director of display and semiconductor business Akarsh Hebbar told sources that its JV partner Foxconn has all the agreements and required technologies in place to start making electronic chips.
Vedanta Foxconn JV is among three companies that have applied for setting up semiconductor manufacturing units in the country. Vedanta has also applied for setting up a display fabrication plant to make screens that are used for display in electronic devices.
We expect our turnover to be in the range of USD 3-3.5 billion in the first phase which is by 2026-27. This will be from both display and semiconductor combined. At that time we expect USD 1 billion to come from exports, Hebbar told sources.
Vedanta Group has earmarked investments of up to USD 20 billion for semiconductor business, and it plans to invest USD 15 billion in the first 10 years.
The company has now formed a JV with electronics manufacturing giant Foxconn to set up an electronic chip manufacturing plant.
The company’s application is under evaluation by the government. Minister for electronics and IT Ashwini Vaishnaw has said that the government will start clearing applications in the current calendar year.
The government has also assured semiconductor companies of giving policy support besides fiscal incentives to ensure a sustainable market for them.
