Vedanta Announces Semiconductor Project Worth $20 Million, Selects Gujarat

HomeConsumer/Market InsightsVedanta Announces Semiconductor Project Worth $20 Million, Selects Gujarat

India comprises of 28 states and 7 union territories with Gujarat being considered the most developed state of all by many people. The state has some of the most beautiful monuments and infrastructures that trump many others from other states of India, and that’s saying something given the land mass and diversity of the country.

Vedanta Limited

The latest addition to the monuments was the ‘Statue of Unity’ that was inaugurated on October 31, 2018 on the 143rd birth anniversary of Sardar Vallabhbhai Patel, whose statue is now the tallest in the world at 182m, thereby surpassing the Statue of Liberty by a wide margin.

The state has many other achievements to its credit that cannot be summed up in one article but the latest feather in its cap of accolades is that Vedanta Limited, a multinational mining company based in Mumbai, has selected the renowned state for its upcoming semiconductor project that is in the pipelines for quite some time now.

Brief Summary

Vedanta Limited is going to start the semiconductor project in conjunction with Foxconn, which is an electronics manufacturer based in Taiwan and is worth $20 million for which the company has already acquired financial &non-financial subsidies, capital expenditure, and electricity from Gujarat to start the semiconductor plants.

The project was held up for quite some time as Vedanta Limited needed nearly a 1,000 acres of land with a 99-year lease along with fixed prices for raw materials, including power and water, which prompted other states like Maharashtra and Karnataka, among others, to reach out to the company to volunteer to host the ambitious project.

Although Vedanta Ltd hasn’t yet specified the city or area of the project, it is being highly speculated to happen in Ahmedabad, which will include the display along with semiconductor facilities, and the company wants to leave no stone unturned to get going with the project without further ado.

Both Vedanta Ltd. and Foxconn are due to sign the memorandum of understanding to give the green signal to the ambitious project, so one can expect an official confirmation from either or both sides any time by the end of September 2022.

Vedanta

Conclusion

If the project proves to be successful, then Gujarat will become perhaps one of the best states not just in India but the entire world, given the infrastructure, economy, healthcare, and other advanced facilities it has in comparison to other states of India.

Once the memorandum of understanding is signed between both companies, the project will go ahead and set a huge benchmark for creating semiconductors and will put Gujarat miles ahead of other states.

Also Read: India is home to around 20% of the world’s semiconductor design engineers, says PM

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