Taiwan-based Foxconn recently said that it would withdraw from the $19.5 billion joint venture (JV) with Vedanta for semiconductor production in India. 
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Taiwan-based Foxconn recently said that it would withdraw from the $19.5 billion joint venture (JV) with Vedanta for semiconductor production in India. Two weeks after calling off its joint venture with Foxconn, Vedanta chairman Anil Agarwal on Friday said that the company has found a “world class” technology partner for its semiconductor unit in India and is in the process of finalising things.
Speaking at the 'Semicon India 2023' event on Friday, Agarwal said that Vedanta is fully committed to manufacture semiconductors and display fab.
“Have already identified a world-class tech partner for semiconductor and are in the process of tying up with them,” Agarwal said in his address at the Semicon India 2023 event in Gandhinagar on Friday.
He added, "Gujarat is the right place for creating Silicon Valley of India."
Lauding PM Narendra Modi and the Gujarat state government for their dedicated efforts to make India a semicon hub of Asia, India is currently the best bet for investors as land acquisition is very easy in India.
“You will never go wrong with investments in India… India is the country for entrepreneurs,” he said.
Taiwan-based Foxconn recently said that it would withdraw from the $19.5 billion joint venture (JV) with Vedanta for semiconductor production in India. The Vedanta-Foxconn JV, which was announced last September, was one of the major deals under the production-linked incentive scheme.
After breaking the venture with Foxconn, Agarwal said the company is 100 per cent committed to producing semiconductors for which it has lined up partners.
“India is a land of opportunities with huge potential. We need several ventures to help India become a semiconductor and display glass hub. We welcome Foxconn and the whole world to come and invest in this sector," Agarwal tweeted.
Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said there is "not one person in the semiconductor global ecosystem" that does not see India as "a very credible, viable and fast charging destination for semiconductor investments and innovation".
He also said that India is on track for the next 10 years in the semiconductor space with $10 billion (about Rs 81,993 crore), compared to China's three decades of progress.
"We are on track to do in the next 10 years with these USD 10 billion, what countries like China took 25-30 years and could not succeed," Chandrasekhar said on Thursday.
As per Deloitte's "2023 semiconductor industry outlook" report, the global semiconductor industry is anticipated to grow to U$1 trillion in revenue by 2030.
The government is implementing a "comprehensive curriculum" in partnership with the industry for creating 85,000 globally skilled talent for VLSI (very large scale integration), with students from post-doctorate degrees, masters and undergraduate courses, he said.
(With agency inputs)
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