Days after the government announced a mega incentive package to bring in semiconductor investments into the country,Anil AgarwalsVedanta grouphas said that it will invest up to Rs 60,000 crore to set up a sophisticated chip and glass manufacturing ecosystem in India over the next three years.
It is also finalising technology and partnerships and joint ventures with top fabrication makers across the world. This is Agarwals second attempt at bringing in semiconductor investments into India. The fresh charge will be led through AvanStrate, a Japanese glass substrate manufacturer that Vedanta had acquired in December 2017 from the Carlyle Group.
India does not have a chip manufacturing ecosystem, despite being a significant consumption market for semiconductor-led industries, and depends solely on costly imports. The funding from our groups side will be through equity and debt, apart from potential partnerships, Hebbar said, adding around 80% of production will be used for domestic market, while rest will be for exports