The Vedanta-Foxconn joint venture will set up a semiconductor and display fabrication plant in Gujarat.
The company has signed a memorandum of understanding (MoU) with the Gujarat government for setting up the chip and display manufacturing facility in the state.
The MoU was signed in the presence of Union Electronics and Information Technology Minister Ashwini Vaishnaw, Gujarat Chief Minister Bhupendra Patel, Vedanta chairman Anil Agarwal and others.
Under the project, Vedanta and Foxconn will invest around Rs 1.54 lakh (about $19.45 billion) crore in Gujarat, which would create 1 lakh job opportunities in the state, CM Patel informed during the event.
Patel also said his government will provide cooperation to set up the facility and to make it a success.
Taking to Twitter after signing of the MoU, Vedanta chairman Agarwal said that the company's "landmark investment of Rs 1.54 lakh crore will help make India's Atmanirbhar Silicon Valley a reality".
"India will fulfil the digital needs of not just her people, but also those from across the seas. The journey from being a Chip Taker to a Chip Maker has officially begun...Jai Hind!" he tweeted.
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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