Production At Vedanta-Foxconn Semiconductor Plant To Start Within Two And Half Years: Anil Agarwal
Vedanta-Foxconn would invest Rs 1,54,000 crore to set up the facility in Gujarat.
Vedanta Resources Chairman Anil Agarwal on Saturday said production at its semiconductor and display manufacturing unit in Gujarat will start within two-and-a-half years of the groundbreaking ceremony.
Semiconductor chips, used in cars, mobile phones and other electronics devices, are not manufactured in India at present.
Speaking at the HT Leadership Summit, Agarwal said "My heart and soul is into it and the way the government is supporting, the state government is supporting... I have no doubt that within two-and-a-half years (of the groundbreaking ceremony production will start)."
A joint venture of the Indian conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn signed a Memorandum of Understanding with the Gujarat government earlier to set up a semiconductor and display manufacturing unit in the state.
Vedanta-Foxconn would invest Rs 1,54,000 crore to set up the facility in Gujarat, which would create one lakh job opportunities, Chief Minister Bhupendra Patel had said after the MoU was signed.
Out of the total investment of Rs 1,54,000 crore, Rs 94,000 crore will go into setting up the display manufacturing unit, while Rs 60,000 crore will be invested for the semiconductor manufacturing facility.
Agarwal said that a scientific plan has been devised for the plant.
Stating that an independent committee, comprising very good consultants, which went to five to six states to zero in on one site for the plant, found that Gujarat was the best option, as it has the right atmosphere and was also providing better facilities for the unit.
"We are setting (the plant) there (in Gujarat)," he explained.
"We had gone to Maharashtra... In Maharashtra downstream will be set up which will be bigger than Gujarat," Agarwal explained.