Vedanta, one of India’s leading multinational groups, and Foxconn, world’s largest electronics manufacturing company, recently announced signing an MOU to form a joint venture company that will manufacture semiconductors in India.
Vedanta will hold the majority of the equity in the JV, while Foxconn will be the minority shareholder. Vedanta Chairman Anil Agarwal will be the Chairman of the joint venture company.
The targeted project plans to invest for manufacturing semiconductors. It will provide a significant boost to domestic manufacturing of electronics in India. Discussions are currently ongoing with a few State Governments to finalize the location of the plant.Vedanta Group is a global diversified group of companies with presence in metals, mining, oil & gas, power, telecom and glass.
Vedanta Group has presence in electronics and technology business through group companies, Avanstrate and Sterlite Technologies.
