Vedanta Ltd. has announced a restructuring of its semiconductor and display glass manufacturing ventures, adding it to the company's portfolio.
The acquisition will be carried out through a share transfer at face value of Twin Star Technologies Ltd.'s Semiconductor and Display SPVs, the company said in an exchange filing.
Twin Star Technologies operates as a wholly owned subsidiary of Volcan Investments, which is owned by Anil Agarwal's family trust. Volcan Investments serves as the ultimate holding company for Vedanta.
With this rejig, Twin Star, a sister concern of Vedanta, will now become its subsidiary, bringing the semiconductor and display businesses under its umbrella.
The company will "leverage its expertise in large-scale manufacturing and operational excellence and partner with the best global companies to drive the two businesses", it said.
Made-in-India semiconductors and display glass will facilitate affordable electronics—smartphones, laptops, televisions, and electric vehicles—for all Indians, it said.
In September 2022, the Special Purpose Vehicles signed a Memorandum of Understanding with the Government of Gujarat to establish semiconductor and display fabs in Dholera, Gujarat.
"Vedanta is committed to making India self-reliant in electronics. This is the beginning of the creation of a Silicon Valley in India, a cutting-edge and world-class electronics ecosystem. My dream is for every Indian youth to have an affordable smartphone, laptop, and electric vehicle," said Agarwal, chairman of Vedanta.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
