Gujarat selected for Vedanta’s $20 billion semiconductor project

Vedanta, one of the big mining companies, may have its semiconductor project in Gujarat. Vedanta has entered into a $20 billion joint venture with Taiwanese electronics manufacturer Foxconn for this project. For this a plant can be set up near Ahmedabad. Vedanta will have a majority stake in this joint venture.

Reuters’s Report It has been told that the company had demanded financial subsidy from Gujarat and electricity at a low price for setting up a semiconductor plant. Vedanta had asked for about 1,000 acres of land on a 99-year lease without cost. States like Maharashtra, Telangana and Karnataka were also in the running for this project. The company had also asked to provide electricity at a fixed price for 20 years. Sources have told that Vedanta has got the approval of electricity at low tariff along with subsidy. This project The project could be officially announced this week with the MoU being signed between the two sides.

Foxconn sees a lot of potential in the semiconductors segment. Last year, it had joined hands with Yageo to make semiconductors. Many automobile and electronics companies are facing difficulties due to the shortage of semiconductors. This has affected production. Tesla, the world’s largest electric car company, has also had to reduce production due to a shortage of semiconductors. Tata Motors, one of the world’s largest automobile companies, has also reduced the production of some of its models due to the shortage of semiconductors. This has also increased the wait for the customers. Most of the companies making semiconductors are in Asia.

Incentives are also being given by the Central Government for the manufacturing of semiconductors in the country. Because of this, some global companies have taken interest in setting up semiconductor related plants in the country. Semiconductors are the tiny microchips used in everything from cars to smartphones. The shortage in the supply of semiconductors has affected the production of electric car maker Tesla as well as many other automobile companies.

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