India's Vedanta says it's awaiting govt nod for semiconductor plant in Gujarat (updated)

Foxconn Technology

18/07/2023 16:00

(Adds plan details, background about Foxconn partnership)
       BENGALURU, July 18 (Reuters) - India's Vedanta is
awaiting government approval for incentives under a modified
semiconductor production plan to begin construction of a plant
in the country's western state of Gujarat, for which its has
tapped technology and equity partners, a top executive said on
Tuesday.
        The metals-to-oil conglomerate has engaged with more
than 100 global suppliers and ancillary industries which will
form a key part of the semiconductor and display ecosystem,
Akarsh Hebbar, global managing director at Vedanta
Semiconductors and Display, said in a statement.
  
        The group already has a partnership with Taiwan's
Innolux for display fab manufacturing, he added.
  
        Vedanta group Chairman Anil Agarwal had said last week
that the company will enter the market for the manufacturing of
chips and displays this year, days after its joint-venture
partner, Taiwan's Foxconn  2354.TW , pulled out of a $19.5
billion chipmaking project.
        After Foxconn pulled out, Vedanta said it had lined up
partners for the venture, without giving details.
  
        Reuters had 
    reported
     that deadlocked talks on finalising European chipmaker
STMicroelectronics  STMPA.PA  as a tech partner and delayed
incentive approvals were among reasons for Foxconn's pullout.
        Separately, Gujarat is holding talks with Foxconn over a
semiconductor plant, while the Taiwanese company had said it 
    intends
     to apply for incentives under India's semiconductor
production plan. 
  

 (Reporting by Sethuraman NR and Aleef Jahan in Bengaluru;
Editing by Savio D'Souza and Maju Samuel)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))