Foxconn Chairman Mr Young Liu met Mr Akarsh Hebbar, Vedanta Group’s Global Managing Director of Display & Semiconductor Business

New Delhi, June 24 – Foxconn Chairman Young Liu met AkarshHebbar, Vedanta Group’s Global Managing Director of Display & Semiconductor Business, in New Delhi to discuss next steps for their proposed partnership to manufacture semiconductor chips in India.

Vedanta and Foxconn had signed a MOU in February to form a joint venture company in India. Vedanta will hold 60% of the equity in the JV while Foxconn will own 40%. The joint venture between the two companies will support Indian Prime Minister Narendra Modi’s vision of creating an ecosystem for electronics manufacturing in India.

This is the first joint venture in the electronics manufacturing space after the announcement of GOI’s PLI Scheme for semiconductors and display manufacturing. Vedanta is planning to invest around $15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India. The JV will look at setting up a semiconductor manufacturing plant in the next two years.

The Vedanta-Foxconn partnership will in the coming years arrest the electronic component import bill of around $100 billion. Vedanta and Foxconn are in discussion with some state governments, to finalise the location of semiconductor unit soon.