Vedanta picks Gujarat for $20 billion India semiconductor foray
Live MintVedanta Ltd has selected Indian Prime Minister Narendra Modi's home state of Gujarat for its semiconductor project, two sources told Reuters, the first major step in its $20 billion joint venture with Taiwan's Foxconn. Vedanta obtained financial and non-financial subsidies including on capital expenditure and cheap electricity from Gujarat to build the semiconductor plants, the first source with knowledge of the matter said. The project will include display and semiconductor facilities near the largest city of Ahmedabad in the western state, the source added, declining to be named ahead of an official announcement. Most of the world's chip output is limited to a few countries like Taiwan and late entrant India is now actively luring companies to "usher in a new era in electronics manufacturing" as it seeks for ways to have seamless access to chips.