
Vedanta Group is in talks with three different partners to establish a semiconductor foundry, a packaging and testing unit, and a chip designing unit, the group's chairman Anil Agarwal said, pointing to initiatives the mining conglomerate is taking to enter this industry after a proposed joint venture with a Taiwanese contract manufacturer fell through.
Agarwal told the media on the margins of the Semicon 2023 conference in Gandhinagar, Gujarat, that the company plans to release the first Indian-made chips within the next two and a half years. "It is a question of a few months. We will make the announcements soon. We are going for a complete ecosystem set up," he said.
The corporation will invest $5 billion of the $19 billion it pledged to invest to establish the three planned units. Agarwal stated that the remaining investments would be made in tranches as necessary.
Agarwal stated earlier in the day at the opening session of Semicon 2023 that Gujarat would become a semiconductor centre for India and that it was the "ideal location for establishing the Silicon Valley of India."
Foxconn ended its partnership with Vedanta earlier this month in order to investigate new partnership opportunities.
In February 2022, Hon Hai Technology Group (Foxconn) and Anil Agarwal's Vedanta announced a joint venture to manufacture semiconductors and display panels in India, making it one of the first few participants in the government's strategically significant India Semiconductor Mission.
The project will be funded through a combination of debt and equity, according to Agarwal, who added that the group had received considerable interest from various corporations.
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