Vedanta and Foxconn sign agreement with Indian state for $20 billion semiconductor unit

Share via:

Indian oil-to-metals conglomerate Vedanta and global manufacturing giant Foxconn have signed a memorandum of understanding with the Indian state of Gujarat to establish a $20 billion semiconductor unit in the coastal state that Prime Minister Narendra Modi calls home.

According to top officials, Foxconn will bring technical expertise to the venture, while Vedanta, which has a mining background, will finance it. Gujarat will provide capital expenditure and electricity subsidies to the project. Gujarat will “offer every possible assistance in this project,” said Chief Minister Bhupendrabhai Patel at a press conference on Tuesday. “Every state government department will also provide all possible assistance to ensure the success of this project.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Vedanta and Foxconn sign agreement with Indian state for $20 billion semiconductor unit

Indian oil-to-metals conglomerate Vedanta and global manufacturing giant Foxconn have signed a memorandum of understanding with the Indian state of Gujarat to establish a $20 billion semiconductor unit in the coastal state that Prime Minister Narendra Modi calls home.

According to top officials, Foxconn will bring technical expertise to the venture, while Vedanta, which has a mining background, will finance it. Gujarat will provide capital expenditure and electricity subsidies to the project. Gujarat will “offer every possible assistance in this project,” said Chief Minister Bhupendrabhai Patel at a press conference on Tuesday. “Every state government department will also provide all possible assistance to ensure the success of this project.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Algorand causes a stir with new ad bashing Bitcoin,...

The Algorand Foundation’s latest ad takes a swipe...

Rustom Kerawalla’s VIBGYOR group of schools students shine bright...

New Delhi (India), May 23: The result season...

EmergeTech Multicity Roadshow 2024 – Mumbai Chapter: A Resounding...

EmergeTech 2024 Highlights: The event kicked off with a...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!