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According to the media reports, Foxconn will bring technical expertise to the venture whereas Vedanta, which has a background in mining, will finance the project. The state of Gujarat will offer subsidies on capital expenditure and electricity to the project, it added.
Anil Agarwal, chairman, Vedanta Resources tweeted on Tuesday (13 September 2022): "History gets made! Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in Gujarat. Vedanta's landmark investment of Rs 1.54 lakh crores will help make India's Atmanirbhar Silicon Valley a reality."
"This project will help fulfil Hon'ble PM Narendra Modi Ji's vision of creating a robust manufacturing base in India. It will reduce our electronics imports & provide 1 lakh direct skilled jobs to our people...going from job seekers to job creators!"
"My deep gratitude to the Gujarat Govt & the Union IT Minister, who have helped Vedanta tie things up so quickly. India's tech ecosystem will thrive, with every state benefiting via the new electronics manufacturing hubs."
"India's own Silicon Valley is a step closer now. India will fulfil the digital needs of not just her people, but also those from across the seas. The journey from being a Chip Taker to a Chip Maker has officially begun...Jai Hind!" he added.
Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.
On consolidated basis, Vedanta's net profit rose 6% to Rs 5,592 crore on 36% increase in net sales to Rs 38,251 crore in Q1 FY23 over Q1 FY22.
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