Vedanta-Foxconn selects Dholera SIR for first semiconductor facility in India

Tags: Economy/Finance National News

On 20 February Vedanta and manufacturing giant Foxconn announced that it is setting up a semiconductor and display manufacturing facility in the Dholera Special Investment Region near Ahmedabad, Gujarat.

An overview of the news

• The Vedanta-Foxconn in September 2022 signed a Memorandum of Understanding (MoU) with the Gujarat government to invest ₹1,54,000 crore to set up semiconductor and display manufacturing plant. 

• It is the first semiconductor manufacturing facility in India.

• The project is in the advanced stage of appraisal by the Government of India.

• The Joint Venture would invest ₹1,54,000 crore to set up the facility in Gujarat, which would create one lakh job opportunities. 

• The Gujarat government will provide cooperation to set up the facility and to make it a success.

• The project is likely to get huge subsidies and incentives, such as zero stamp duty on land purchase and subsidised water and electricity, under the 'Gujarat Semiconductor Policy 2022-27' announced by the state government in July 2022.

• Gujarat has become the first state in the country to have such a dedicated policy for the semiconductor and display fabrication sector.

Vedanta Group  

• It is a multinational company headquartered in London, England.

• Vedanta Limited is an Indian subsidiary of Vedanta Resources, which is the holding company of Vedanta Group.

• It is in the business of Zinc-Lead-Silver, Iron ore, Steel, Copper, Aluminum, Power, Oil and Gas.

• The Chairman of Vedanta group: Anil Aggarwal