Vedanta Ltd and electronics manufacturing giant Foxconn to invest Rs 1,54,000 crore to set up a semiconductor project in Gujarat. The Memorandum of Understanding (MoU) was signed in the presence of Minister of Railways, Communications, Electronics and Information Technology Ashwini Vaishnav at a function held in Gandhinagar.
Vedanta Chairman Anil Agarwal tweeted, ‘History is made’. He also said that this will help make India’s self-reliant Silicon Valley a reality.
“History is made! Happy to announce that the new Vedanta-Foxconn Semiconductor Plant will be set up in Gujarat. Vedanta’s historic investment Rs 1.54 lakh crore will help make India’s Atmanirbhar Silicon Valley a reality,” tweeted Anil Agarwal.
Gujarat Chief Minister Bhupendra Patel said that this facility will generate one lakh employment opportunities.
In a series of tweets, the Vedanta chairman explained how India’s very own Silicon Valley is now one step closer.
“This project will help fulfill Hon’ble PM Modi ji’s vision of creating a strong manufacturing base in India. This will reduce our electronics imports and provide one lakh direct skilled employment to our people…
Agarwal also expressed his gratitude to the Gujarat government and the Union IT minister for helping Vedanta get things done so quickly. “India’s #tech ecosystem will flourish, with every state benefiting from new electronics manufacturing hubs,” Agarwal tweeted.
“India’s own Silicon Valley is now one step closer. #India will meet the digital needs of not only its people, but also those across the ocean. The journey from chip taker to chip maker has officially begun…Jai Hind!”
After meeting Prime Minister Narendra Modi on 5 September, the Vedanta chairman had talked about the possibility of creating another Silicon Valley in India In a series of tweets.
Foxconn is acting as the technical partner, while the oil-to-metal group Vedanta is funding the project as it seeks to diversify chip manufacturing.
Foxconn said in a statement that the state’s infrastructure and active support from the government “increases confidence in setting up a semiconductor factory”.
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