Thursday, December 1, 2022
HomeDigit NewsGujarat selected for Vedanta's $20 billion semiconductor project

Gujarat selected for Vedanta’s $20 billion semiconductor project

Vedanta’s semiconductor project, which is included in the big mining companies, can be set up in Gujarat. For this project, Vedanta has signed a $20 billion joint venture with Taiwan-based electronics manufacturer Foxconn. For this a plant can be set up near Ahmedabad. Vedanta will have a major stake in this joint venture.

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

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