Indian multinational mining company, Vedanta Group, has signed a memorandum of understanding (MoU) with 30 Japanese companies to collaborate in the development of a semiconductor and glass display manufacturing capability in India.
Earlier this year, Vedanta, in partnership with Taiwan's Foxconn, announced the setting up of semiconductor and glass fab units in India's Gujarat state.
The MoU was signed on the sidelines of the Vedanta-AvanStrate Business Partners Summit 2022 in Tokyo.
AvanStrate is a Vedanta subsidiary which specialises in LCD glass substrates used in TVs, computers, mobile phone screens and other display devices.
According to Vedanta, the projects related to the MoU envisage a total investment of US$20 billion (S$27 billion) with an employment potential for “over 100,000 people”.
Vedanta’s global MD for the Display and Semiconductor Business, Akarsh K. Hebbar, said that the company was committed to “making India a hub for electronics manufacturing”.
“Vedanta is focused on taking the lead in creating the electronics industry ecosystem. This comprehensive plan has the potential to generate business opportunities of over US$40 billion for our partners in the coming years,” Hebbar said.
