Vedanta Finds World-Class Tech Partner for Semiconductor Ambitions after Foxconn Break-up
In an exciting development for India’s semiconductor industry, Vedanta chairman Anil Agarwal recently announced that finally, Vedanta Finds World-Class Tech Partner for its semiconductor unit. This partnership is set to propel India’s ambitions in the semiconductor sector and is currently in the finalisation process.
Vedanta's Chairman, Anil Agarwal, announces ambitious plans to establish a semiconductor ecosystem in Gujarat! But one wonders, why is the Indian Government solely focusing on Gujarat when other states like Maharashtra also have the potential to benefit from such high-tech… pic.twitter.com/5IOy843b5w
— Office of Shivani Wadettiwar (@OfiiceOfSVW790) July 28, 2023
Agarwal expressed Vedanta’s unwavering commitment to manufacturing semiconductors and display fab while speaking at the ‘Semicon India 2023’ event. He also praised Prime Minister Narendra Modi and the Gujarat government for their dedicated efforts to establish India as a semiconductor hub in Asia, stating that Gujarat is the ideal location to create a Silicon Valley of India.
This recent development comes after a setback for Vedanta’s chipmaking plans when Taiwan’s Foxconn, the world’s largest contract electronics maker, withdrew from a $19.5 billion deal to form a semiconductor joint venture for the Indian market. The collaboration between Vedanta and Foxconn, which had been announced last year, aimed to set up semiconductor and display production plants in Gujarat.
#SemiconIndia2023 | Have identified a tech partner for the semiconductor fab unit, in the process of tying up with them. Vedanta is fully committed to manufacturing #semiconductor & display fabs: #Vedanta Chairman Anil Agarwal says pic.twitter.com/JS3Sp4j5qD
— CNBC-TV18 (@CNBCTV18Live) July 28, 2023
The dissolution of the Vedanta-Foxconn deal was seen as a disappointment for the Indian government, which has been actively promoting chipmaking as a key component of the country’s economic strategy, envisioning a new era in electronics manufacturing.
India’s desire to establish itself as a semiconductor hub is fueled by the belief that the global semiconductor ecosystem sees the country as a credible and fast-growing destination for semiconductor investments and innovation. Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, emphasised the government’s commitment to this vision.
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We, along with the best of international experts, looked all over India to find the right location. International experts visited all states. They came back and said that Gujarat is right state to establish the Silicon Valley of India: Anil Agarwal, Vedanta Chairman in Gujarat pic.twitter.com/EbOaWG8hFf
— DeshGujarat (@DeshGujarat) July 28, 2023
The Indian government is working in partnership with the industry to create a comprehensive curriculum aimed at nurturing 85,000 skilled talents in very large scale integration (VLSI). The program encompasses students from post-doctorate degrees, masters, and undergraduate courses, thus ensuring a well-trained workforce for the semiconductor sector.
The government’s long-term goals include achieving a significant milestone of USD 300 billion in the electronics industry by 2025-26, out of which USD 110 billion is targeted for the semiconductor industry by 2029.
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This recent development holds great promise for India’s semiconductor ambitions and is expected to play a crucial role in shaping the country’s position in the global semiconductor landscape. With the support of a world-class tech partner and the government’s proactive measures, India is poised to make substantial strides in the semiconductor industry in the coming years.
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