Business
Vedanta Commits To Chip and Display Module Production In India; Seeks Govt Approval For Fabs Under Modified Scheme
Vedanta
Vedanta Limited on Tuesday (25 July) said that it is committed to proceed with setting up semiconductor and electronic display fabs in India and is seeking the government's approval for the same.
This comes after Foxconn earlier this month withdrew from a $19.5 billion chipmaking joint venture with the Vedanta.
In a regulatory filing on Tuesday, Vedanta said that it "through its SPV had submitted application on 15 February 2022 to the Government of India, for grant of approval under the Scheme for setting up of Semiconductor Fabs in India dated December 21, 2021 (“Old Semi-Scheme”)".
"It has been communicated to us by India Semiconductor Mission (“ISM”) that our old application of February 2022 has not been approved and accordingly, the old semiconductor application process is now concluded," the company said.
Vedanta said that its special purpose vehicle (SPV) has filed another application for the Centre's Modified Scheme for setting up of Semiconductor fab in India, which was announced in October last year.
"Our application under the Modified Semi-Scheme is under consideration for approval by the Government," the company said.
Further, the company informed that it is also "proceeding with filing a fresh application under the Modified Display-Scheme" of the government for setting up a display fab.
"Vedanta is firm in its commitment to produce critically important semiconductors and display glass/modules for the growing Indian market," the company said.
The announcement by Vedanta gains significance as Foxconn's withdrawal from the chipmaking JV was considered a big jolt for India's semiconductor ambitions.
However, in a statement after parting ways with Vedanta, Foxconn said that it plans to submit another application under the modified Production-Linked Incentive (PLI) scheme of India for semiconductors.
“Foxconn is working toward submitting an application related to the ‘Modified Programme for Semiconductors and Display Fab Ecosystem,’” the firm said in a statement on 11 July.
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