On the function held in Gandhinagar, Vedanta and Foxconn signed a memorandum of understanding with Gujarat Government to establish a unit in the state. The MoU signed in the presence of Minister for Electronics and Information Technology, Ashwini Vaishnav.

On Tuesday, India’s oil to metal firm Vedanta said the company and its electronics manufacturing giant Foxconn will together set up a semi-conductor company and display FAB manufacturing unit in Gujarat. Both the firms will invest ₹1.54,000 crore for establishing the facility in the state.

Founder of Vedanta Resources and Chairman, Anil Agarwal said,” History is made! Happy to announce that Vedanta-Foxconn will be built in Gujarat. It embarks Vedanta’s landmark investment of ₹1.54 lakh crores will help make India’s Atmanirbhar Silicon Valley into reality” Further mentioned, “This will not only fulfil India’s Digital needs but also for the people overseas”

India’s semiconductor market estimated to reach $63 billion by 2026 from $15 billion in 2020. It will diversify in February into chip manufacturing and form joint venture with Foxconn. Chief Minister of Gujarat, Bhupendra Patel mentioned, The Government will provide full cooperation to construct it and make it a success.