Vedanta, Foxconn to invest $19.5 bn in Gujarat for chip project
2 years, 3 months ago

Vedanta, Foxconn to invest $19.5 bn in Gujarat for chip project

The Hindu  

Vedanta Ltd. and Taiwan's Foxconn will invest $19.5 billion under a pact signed on Tuesday to set up a semiconductor project in Gujarat, Indian Prime Minister Narendra Modi's home state. Gujarat Chief Minister Bhupendrabhai Patel said the venture would create more than 100,000 jobs, and the state was prepared to extend any support to the project, which it won in a close race with India's richest state, Maharashtra. Foxconn said in a statement that the state's infrastructure and the government's active support "increases confidence in setting up a semiconductor factory". Vedanta is the third company to announce a chip plant location in India after international consortium ISMC and Singapore-based IGSS Ventures, which are setting up in the southern states Karnataka and Tamil Nadu, respectively.

History of this topic

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