New Delhi: Oil and mining giant Indian company Vedanta and the world's largest Hon Hai Technology Group (also known as Foxconn) have formed a joint venture (JV) to manufacture semiconductors in India.
In a joint statement, the duo asserted that this is the first JV in the electronics manufacturing space after the PLI policy.
The Government of India is encouraging manufacturing of semiconductors in India with the Make in India initiative. Under this plan, Foxconn and Vedanta will now make semiconductors in India. Vedanta will hold the majority stake in the new JV.
According to reports, Vedanta Chairman Anil Agarwal will also be the chairman of the new JV.
"It will be the first company to support PM Narendra Modi's vision of manufacturing semiconductors in the country." However, it is not yet finalized where the semiconductor plant will be installed, the statement added.
The statement further revealed that some state governments are in talks with the company, after that a decision will be taken to set up the plant.
Vedanta Group has a presence in the electronics and technology business. Avanstrate Inc. and Sterlite Technology are its companies.
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