Notwithstanding the Taiwanese company Foxconn’s decision to break ties, Anil Agarwal-led Vedanta has said it has lined up partners for setting up the semiconductor business in India.
Speaking at the 58th Annual General Meeting, Agarwal said subject to government approvals, the company will begin a historic foray into semiconductor fab and display the manufacturing facility this year.
The Group company AvanStrate, the fourth largest manufacturer of glass substrate in the world, has the niche patented technology and is one among the only four global companies to own this.
“We have lined up partners for our semiconductor venture. With these ventures, we will enable our youth to access affordable electronic devices, which will help them fulfil their aspirations,” he said.
India imports $100 billion worth of electronics every year, of which around $30 billion is on semiconductor and display glass, he added.
The Group has invested over $35 billion (about ₹2.9 lakh crore) in India, contributing to over 1.4 per cent of the country’s GDP. The contribution to the government exchequer is about ₹3-lakh crore over the past seven years, with ₹74,000 crore contributed in FY23 alone and Vedanta is committed to make sizeable investments across business verticals in the coming years, said Agarwal.
Also read: Foxconn says committed to India, to apply for govt incentives separately
‘All eyes on India’
The world has its eyes on India as the next factory of the world. The country stands to be the principal beneficiary of the “China plus 1” strategy. India has a government that has a razor-sharp focus on creating an investment friendly environment, he said.
India has registered a strong growth rate of over 7 per cent last fiscal despite global headwinds, and this is evidence of immense potential. India is already the fifth largest economy in the world and will become the third largest economy in the world in the next four years.
“We have to ensure prosperity for all 1.4 billion Indians. If we can raise our per capita income from around $2,000 to $5,000, everyone will have a good standard of living. We must achieve this before the end of this decade,” he said.
India’s imports are over $700 billion and 50 per cent of these imports are of natural resources, be it oil and gas, gold, diamonds, copper, or aluminium. Just imagine the impact on our economy if we can explore, mine and make in India. The jobs we can create, the addition to GDP and the revenue for government, he added.