Vedanta’s $10 billion LCD project may fall flat

Kolkata: The Vedanta Group’s $10 billion project to set up India’s first plant to make flat panel displays for televisions from scratch is likely to be scrapped after failing to obtain subsidies under the government’s Modified Special Incentive Package Scheme (M-SIPS), two senior executives said. The ministry of electronics and IT had turned down the application for subsidies because it didn’t meet conditions, they said.

India currently imports TV display panels from China, Taiwan and South Korea, resulting in an estimated outflow of about $6 billion.

While the government is trying to promote localisation of TV panel manufacturing under the Make in India initiative, this was the only project at an advanced sta-ge of implementation. Some other proposals for making such displays are said to be under evaluation.