India’s dream of becoming a semiconductor major has got a big boost with the news that Chinese manufacturer Foxconn is going to work with steel major company Vedanta in India. Both the giants are teaming up to build a manufacturing plant for semiconductors in the country.
Vedanta and Foxconn have signed up for a joint venture, where Vedanta holds majority share of the equity in the JV, as highlighted in this official statement from Foxconn on Monday. It further adds that Anil Agarwal will be the chairman of the joint venture company, which is yet to be detailed by the entities involved in this partnership. We also don’t know what kind of semiconductors will be manufactured by this newly-formed entity.
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The manufacturing plant is likely to further bolster credentials of the Make in India program, giving a boost to domestic employment, as well as setting up India to become the next semiconductor hub in the world. Foxconn has mentioned that discussions are ongoing with multiple State Governments where the manufacturing plant will be set up by the joint-venture entity.
Vedanta is one of the companies to show interest in benefiting from the recently announced PLI scheme for electronics manufacturing. And the company has wasted no time in finding the right partner to fulfill its mission. “The collaboration between Vedanta and Foxconn follows the Indian Government’s recent policy announcement for Electronics Manufacturing & PLI scheme for incentivizing organizations to contribute towards development of this sector,” the Foxconn statement added.
Foxconn has a strong reputation in manufacturing, becoming the go-to manufacturer for giants like Apple and Xiaomi over the years. But even for a brand like Foxconn, dabbling into the semiconductor industry shows the interest generated by the recent announcement from the Indian Government.
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India wants to take advantage of the uncertainties posed in China over the past few years owing to geo-political tensions. Prime Minister Narendra Modi and his regime has a clear roadmap to help India become a manufacturing powerhouse, bringing global brands to set up shop in the country.
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