Vedanta and Foxconn sign agreement with Indian state for $20 billion semiconductor unit • TechCrunch

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Indian oil-to-metals giant Vedanta and global manufacturing giant Foxconn have signed a memorandum of understanding with the Indian state of Gujarat to set up a $19.5 billion semiconductor unit in the coastal state that is home of Prime Minister Narendra Modi, officials said Tuesday.

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“Electronics manufacturing in India has already generated around 25 lakh (2.5 million) jobs. Modi ji has now given us the target to expand this 25 lakh employment record to 1 crore jobs (10 million). It means we need to take electronics manufacturing in the country from $80 billion to $300 billion,” said Ashwini Vaishnaw, India’s IT Minister, on Tuesday. “Spectrum and silicon are the two prime raw materials of today’s digital world.”

This is a developing story. More to follow…

Author: Subham

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