Vedanta, Foxconn to set up fab & chip facility in Gujarat

New Delhi | Chennai: Vedanta and Foxconn said they will invest over Rs 1.54 lakh crore to set up a display fabrication and semiconductor manufacturing facility in Gujarat. The proposed facility will come up over the next two years in Prime Minister Narendra Modi’s home state, according to the terms of the deal signed on Tuesday.

The mining giant will hold 60% stake in the joint venture while the Taiwanese chip maker will own the balance 40%. The JV became the fourth to announce plans under the Rs 76,000-crore production-linked incentive (PLI) scheme to foster chip-making capabilities in the country.

In a series of tweets announcing the deal, Vedanta chairman Anil Agarwal said the investment “will help make India’s #Atmanirbhar Silicon Valley a reality.”