Vedanta, Foxconn Signs $20 Bn Deal, Picks Gujarat For Semiconductor Project

mining giant Vedanta and Foxconn electronic manufacturer signed MoU with the Gujarat government to set up a semiconductor unit.

Oil, Gas and Mining giant Vedanta and electronic manufacturer Foxconn have signed an MoU i.e. Memorandum of Understanding with Gujarat State Government to set up $20 billion worth of semiconductor units in Gujarat according to the media report.

The reports said that Foxconn has a 40 per cent stake in this unit and will bring its technical expertise though that is not in the semiconductor business and Vedanta will bring money to the table by financing the project.

It is considered the Ist step in the idea to make India a manufacturing hub of semiconductors like Taiwan Semiconductor Manufacturing Company, Limited.

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