Vedanta's top exec Akarsh Hebbar invites Korean tech companies to invest in India

Mining giant Vedanta has invited South Korean tech companies to invest in India due to the favorable investment policies of the Indian government. Speaking at Boom Up Korea -- an annual event organized by KOTRA, in collaboration with Korea's Ministry of Trade, Industry, and Energy -- Vedanta's Global Managing Director of Semiconductor and Display Business, Akarsh K Hebbar said that with Vedanta setting up India's first display fab in Gujarat, it is an opportune time for South Korean firms to invest in India.

"Vedanta is establishing India's first display fab in Gujarat. This will be the nucleus that will attract upstream and downstream players. Given the investment-friendly policies of the Indian government, there is a huge opportunity for Korean companies to invest in this electronics hub," Hebbar noted.

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Hebbar was discussing investment opportunities in India with business leaders representing Korea's electronics industry at the event. He also spoke about Vedanta's planned display fab in Gujarat and the investment opportunity for Korean companies.

Vedanta, an Indian mining conglomerate led by Anil Agarwal, aims to produce cheaper, quality, and innovative semiconductors and displays in the next two and a half years. Agarwal had shared during the India Today Conclave 2023 that his company has signed MoUs with 100 Japanese companies, which will help him achieve this dream. He foresees over 700-800 companies associating with Vedanta.

In February 2022, Vedanta had applied for both semiconductor and display manufacturing in India. For semiconductor manufacturing, it had teamed up with Taiwan's Foxconn to apply for the Semiconductor Scheme and had shortlisted Gujarat for setting up its semiconductor and display fab. The Vedanta-Foxconn joint venture had signed an agreement with the Gujarat government to invest Rs 1,54,000 crore to set up a semiconductor plant and had finalized Dholera Special Investment Region near Ahmedabad for setting up the factory. However, the partnership is still not able to close a deal with a production-grade technology partner, and the government is reportedly considering giving conditional clearance to the Vedanta-Foxconn joint venture semiconductor fab plant.

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