https://sputnikglobe.com/20220913/vedanta-announces-195-bln-semiconductor-plant-with-foxconn-to-make-india-chip-maker-hub-1100712091.html
Vedanta Announces $19.5 Bln Semiconductor Plant With Foxconn to Make India 'Chip Maker' Hub
Vedanta Announces $19.5 Bln Semiconductor Plant With Foxconn to Make India 'Chip Maker' Hub
Sputnik International
PM Narendra Modi has issued a clarion call to transform the country from a 'chip taker' into a chip maker. India aims to reap $300 billion from electronic... 13.09.2022, Sputnik International
2022-09-13T10:51+0000
2022-09-13T10:51+0000
2023-06-19T12:45+0000
india
narendra modi
supply chain
semiconductor manufacturing international corp (smic)
semiconductors
chipmaker
foxconn
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Vedanta Ltd. and Taiwan's Foxconn announced a pact on Tuesday to set up a semiconductor plant worth $19.5 billion in Gujarat, the home state of PM Narendra Modi.Describing the pact as an important step towards accelerating the country's semi-conductor manufacturing ambitions, Modi said that it would significantly boost India's economy and create more jobs.Vedanta's chairman Anil Agarwal described the tie-up as the beginning of a journey to establish India's own Silicon Valley.The Gujarat-based plant will have display and semiconductor facilities and receive government subsidies on electricity and water. The Indian billionaire said that the manufacturing plant would reduce the country's electronics imports and directly provide 100,000 skilled jobs. "The proposed semiconductor manufacturing fab unit will operate on the 28nm technology nodes with wafer size 300 mm; and the display manufacturing unit will produce Generation 8 displays catering to small, medium and large applications," a joint statement released by the firms read.In July, Prime Minister Modi set an ambitious target of achieving $300 billion in electronic manufacturing in next three to four years. Last December, the government formulated a $10 billion incentive plan following a COVID-induced supply disruption which exposed the vulnerability of India's manufacturing sector.As semiconductor shortages hit the world, developed countries such as the US and Japan announced multi-billion incentive packages to attract investment. Taiwan Semiconductor Manufacturing Company (TSMC) dominates over half of the global chip market.The Indian government says that the country's semiconductor requirement could reach $63 billion by 2026, up from $15 billion in 2020. India has planned a massive expansion of 5 G-based services across the country in the next few years.
https://sputnikglobe.com/20220704/modi-vows-to-develop-india-as-chip-hub-as-govt-sets-300bn-target-in-electronics-manufacturing--1096948833.html
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india, narendra modi, supply chain, semiconductor manufacturing international corp (smic), semiconductors, chipmaker, foxconn, taiwan
Vedanta Announces $19.5 Bln Semiconductor Plant With Foxconn to Make India 'Chip Maker' Hub
10:51 GMT 13.09.2022 (Updated: 12:45 GMT 19.06.2023) PM Narendra Modi has issued a clarion call to transform the country from a 'chip taker' into a chip maker. India aims to reap $300 billion from electronic manufacturing over the next three to four years.
Vedanta Ltd. and Taiwan's Foxconn announced a pact on Tuesday to set up a semiconductor plant worth $19.5 billion in Gujarat, the home state of PM Narendra Modi.
Describing the pact as an important step towards accelerating the country's semi-conductor manufacturing ambitions, Modi said that it would significantly boost India's economy and create more jobs.
"This will also create a huge ecosystem for ancillary industries and help our MSMEs (micro, small and medium enterprises)," Modi added.
Vedanta's chairman Anil Agarwal described the tie-up as the beginning of a journey to
establish India's own Silicon Valley.
"India will fulfill the digital needs of not just its people, but also those from across the seas. The journey from being a chip taker to a chip maker has officially begun," Agarwal said as he announced the multi-billion joint venture.
The Gujarat-based plant will have display and semiconductor facilities and receive government subsidies on electricity and water. The Indian billionaire said that the manufacturing plant would reduce the country's electronics imports and directly provide 100,000 skilled jobs.
"The proposed semiconductor manufacturing fab unit will operate on the 28nm technology nodes with wafer size 300 mm; and the display manufacturing unit will produce Generation 8 displays catering to small, medium and large applications," a joint statement released by the firms read.
In July, Prime Minister Modi set an ambitious target of achieving $300 billion in electronic manufacturing in next three to four years. Last December, the government formulated a $10 billion incentive plan following a COVID-induced supply disruption which exposed the vulnerability of India's manufacturing sector.
As semiconductor shortages hit the world, developed countries such as the US and Japan announced multi-billion incentive packages to attract investment. Taiwan Semiconductor Manufacturing Company (TSMC) dominates over half of the global chip market.
The Indian government says that the country's semiconductor requirement could reach $63 billion by 2026, up from $15 billion in 2020. India has planned a massive expansion of 5 G-based services across the country in the next few years.
