In a significant development for the performance-linked incentive (PLI) scheme, Anil Agarwal-led Vedanta and Hon Hai Technology Group (also known as Foxconn) have formed a joint venture (JV) to manufacture semiconductors in India. This is the first JV in the electronics manufacturing space after the PLI policy, a joint statement issued by the companies said.
In December 2021, the Centre had cleared a PLI scheme for semiconductor and display board production in the country targeting an investment of Rs 76,000 crore over the next five to six years. India Semiconductor Mission (ISM) was also announced recently with the aim to attract large investments for manufacturing facilities in the midst of a global chip crisis.
Discussions are being held with a few state governments to finalize the location of the plant. But company officials remained tight-lipped about the quantum of investment, location of project and estimated manufacturing capacity.
The Vedanta Group had in January shared its intent to invest $15 billion for making displays and semiconductor chips in India over the coming five years. It had acquired AvanStrate, a Japanese glass substrate manufacturer in December 2017 from the Carlyle Group.
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