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.
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