Vedanta picks Gujarat for Rs 1.6 lakh crore semiconductor project

Vedanta Ltd has selected Prime Minister Narendra Modi’s home state of Gujarat for its semiconductor project, two sources told Reuters, the first major step in its $20 billion (Rs 1.6 lakh crore) joint venture with Taiwan’s Foxconn.

Vedanta obtained financial and non-financial subsidies including on capital expenditure and cheap electricity from Gujarat to build the semiconductor plants, the first source with knowledge of the matter said.

The project will include display and semiconductor facilities near the largest city of Ahmedabad in the western state, the source added, declining to be named ahead of an official announcement.