New Vedanta-Foxconn pact means cost-effective India-made chips: Anil Agarwal

New Vedanta-Foxconn pact means cost-effective India-made chips: Anil Agarwal
Courtesy: Mint / Contributor | Hindustan Times Via Getty Images

UK-based founder and chairman of Vedanta, Anil Agarwal, has said that a new Vedanta-Foxconn joint venture unveiled this week means India will emerge as a chip maker with its own Silicon Valley, reducing the cost of daily-use electronic gadgets to a huge extent. Under the plans in process, the JV will invest around $19.5 billion to set up its display fabrication and semiconductor facility in Gujarat following a memorandum of understanding (MoU) signed with the state government this week.

"This project will create a robust manufacturing base in India on the lines of vision of Prime Minister Narendra Modi. This will also make India reduce its electronic imports," said Agarwal, noting that the semiconductor project will give direct employment to 100,000 people in Gujarat and will help reduce the cost of mobiles and laptops.

"All the countries of the world are looking at Taiwan as it has both glass and semiconductor and we will soon start producing the semiconductor chip in India," he said.

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Foxconn is a Taiwanese multinational electronics manufacturer. The Vedanta group chairman said that the investment will foster an ecosystem for the production of electronic devices.

"How will our education system become advanced? How will our children progress. They need laptops and cell phones. The weaker sections cannot afford to spend Rs 15,000-20,000 ($250). It has two raw materials – glass and semiconductor. Rest all thing can be made in our country by our start-ups and factories. What I am dreaming of is clusters all around this. I want to tell the youngsters, stop asking for jobs, and instead, start creating jobs for others. A hub of glass and semi-conductors is going to develop," he said.

The Vedanta chairman also said Maharashtra, Andhra Pradesh and Karnataka offered good infrastructure and noted that bringing the project to Gujarat was an independent decision without any influence. India will be the fourth country in the world to manufacture semiconductor chips, he said.

India’s Union Minister for Electronics and Information Technology, Ashwini Vaishnaw, said during the event marking the signing of the MoU that it is PM Modi's vision to establish India as a global manufacturing hub and a major player in the semiconductor supply chain.

Under PM Modi's visionary leadership, the government of India has taken several key initiatives to reduce the dependence on imports of electronic goods by giving impetus to domestic manufacturing of electronic, semiconductor products and components, the minister said.

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Chief Minister of Gujarat Bhupendra Patel welcomed the Vedanta and Foxconn Group's mega investment in the state. He said this huge investment coming on the day when his government completes one year also is a testimony to the policy stability and policy support coupled with good governance and excellent infrastructure facilities existing in Gujarat. The CM also assured all necessary support from the Government and remarked that the Vedanta and Foxconn group will get with red carpet in Gujarat instead of any red tape.

(ANI)

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