Gujarat has apparently been chosen for Vedanta's next semiconductor project. Vedanta is an Indian multinational mining business. In its $20 billion (about Rs. 1,59,070 crore) joint venture with Taiwanese electronics producer Foxconn, the corporation would take this as its first significant step. According to reports, the corporation has received both financial and non-financial incentives, including from Gujarat for capital expenses and low-cost electricity, to establish the semiconductor factories. According to a source, other states including Maharashtra, Telangana, and Karnataka were also competing to host the company's next project. Vedanta requested 1,000 acres of land free of charge on a 99-year lease and fixed tariffs for water and power.
The Indian multinational mining corporation Vedanta has chosen Gujarat for its forthcoming semiconductor project in collaboration with Taiwan-based Foxconn, according to a report by Reuters quoting two anonymous sources.
This, as previously established, is Vedanta's first significant move in their $20 billion (approximately Rs. 1,59,070 crore) joint venture with the Taiwanese smartphone manufacturer. Vedanta is said to have received both financial and non-financial incentives, including on capital expenditures and affordable power, in order to construct the semiconductor factories.
The project is anticipated to contain semiconductor and display plants close to Ahmedabad. According to the report, Gujarat defeated Maharashtra, which was also vying to host the project, to secure 1,000 acres of land for free on a 99-year lease along with water and power at a fixed, low price for 20 years.
According to the source, the parties will sign a memorandum of agreement this week and make an official statement about the project.
