Vedanta — an Indian oil, gas, and metals conglomerate — plans to finalize a $20 billion deal with the Taiwanese microchip maker Foxconn by June to produce semiconductors within India starting in 2024, India’s Swarajya magazine reported on Thursday. Vedanta Chairman Anil Agarwal confirmed the development to Reuters on May 25, revealing his company will choose a location within India for its “semiconductor and display plants ... by mid-June and will have the first chip product ready in two years.” Vedanta announced plans to launch its joint venture with Foxconn in February as part of a plan to diversify into microchip manufacturing. “Foxconn is our technical partner. We may not take equity partner for the fab,” Agarwal told Reuters on Wednesday.
The Vedanta chairman added that Foxconn “will have technical responsibility for the operation, from providing the tech to making semiconductors.” Agarwal said his company was “seeking incentives” from the Indian federal government in connection with the manufacturing deal and was also “in talks with several Indian states on the unit’s location.” Foxconn is best known as the main assembler of iPhones for the U.S.-based technology giant Apple.
The company is a Taiwan-based multinational electronics contract manufacturer officially known as Hon Hai Precision Industry Co., Ltd.
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