Business
Maharashtra Cabinet Set To Allot Land For $22 Billion Vedanta-Foxconn Semiconductor And Display Fab Project In State: Report
Semiconductor manufacturing. (Representative image)
A day after senior officials of Vedanta and Foxconn met Maharashtra Chief Minister and Deputy CM, the state cabinet is reportedly set to clear a proposal to allot land for a $22 billion Vedanta-Foxconn project to set up a semi-conductor and display fabs manufacturing facility in
“We are bringing a proposal before the state Cabinet on Wednesday to facilitate investment of Vedanta-Foxconn in Maharashtra. They will bring an investment of over Rs 1,58,000 crore in the state," state's additional chief secretary (industries) Baldev Singh was quoted in an Indian Express report as saying.
However, when contacted by Swarajya to confirm the veracity of the reports, a senior Vedanta official said that it was too premature to comment on it.
The development comes after Vedanta Electronics and Foxconn delegation called on Maharashtra CM Eknath Shinde and Deputy CM Devendra Fadnavis at Mantralaya.
“Vedanta Electronics and Foxconn delegation called on Maharashtra chief minister Eknath Shinde and deputy chief minister Devendra Fadnavis in Mantralaya, this afternoon, to discuss joint venture Vedanta semiconductor and display fabrication city project," the deputy chief minister said in a Twitter post on Tuesday.
“AvanStrate Global MD Akarsh K Hebbar, various Foxconn state leadership and investor teams, MIDC and GoM officials were present," he added in another tweet.
AvanStrate is a subsidiary of Anil Aggarwal led Vedanta group.
“Vedanta is in active discussion with the government of Maharashtra for their proposed manufacturing facility for semi-conductors and display fabs. With a high concentration of skilled manpower, connectivity to the port, seamless domestic supply-chain and highly developed industrial infrastructure, Talegaon in Pune has emerged as a prominent option for Vedanta and Foxconn for their $22 billion investment that can generate more than 200,000 direct and indirect jobs," IE quoted a press note issued by the Maharashtra Industrial Development Corporation (MIDC) as saying.
Earlier in February this year, Foxconn and Vedanta entered into a joint venture chaired by Vedanta chairman Anil Agarwal, where Vedanta will hold 60 per cent.
Vedanta group plans to invest up to $15 billion over 5-10 years to make displays and semiconductor chips in India.
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