Vedanta-Foxconn Joint Venture To Set Up Semiconductor Plant In Gujarat

Vedanta-Foxconn partnership has signed two Memorandum of Understanding (MoU) with the Gujarat Government to set up display and semiconductor production plants in the state. The companies aim to invest $19.5 billion (roughly Rs. 1,54,350 crore) under the joint partnership. According to Foxconn and Vedanta, the new plants under the joint venture will create more than 1,00,000 jobs in Gujarat. The companies plan to start manufacturing display and chip products within the next two years. It is to be noted that Gujarat defeated Maharashtra in a close race to win the plant location.