Vedanta-Foxconn to set up downstream in Maharashtra, bigger than Gujarat: Anil Agarwal

Vedanta Resources Chairman Anil Agarwal has said that the company chose Gujarat over Maharashtra for its semiconductor and display manufacturing unit based on a report by an independent consultant committee which toured five to six states to zero in on one best site for the factory. He said that the committee found out that Gujarat was the best option, as it has the right atmosphere and was also providing better facilities for the unit. Agarwal said that a scientific plan has been devised for the plant. He also revealed that the JV will be setting up a downstream in Maharashtra which will be bigger than Gujarat. 

Speaking at the HT Leadership Summit, Agarwal said that his heart and soul is into this project and the way the government is supporting the project, the project would be up and running within two and a half years of the groundbreaking ceremony. Semiconductor chips, used in cars, mobile phones and other electronic devices, are not manufactured in India at present.

A joint venture of the Indian conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn signed a Memorandum of Understanding with the Gujarat government earlier to set up a semiconductor and display manufacturing unit in the state.

Vedanta-Foxconn would invest Rs 1,54,000 crore to set up the facility in Gujarat, which would create one lakh job opportunities, Chief Minister Bhupendra Patel had said after the MoU was signed.

Out of the total investment of Rs 1,54,000 crore, Rs 94,000 crore will go into setting up the display manufacturing unit, while Rs 60,000 crore will be invested in the semiconductor manufacturing facility.

(With PTI inputs)