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Both Vedanta and Foxconn have no previous experience in manufacturing semiconductors and the success of the JV was hinged on getting a technology partner.
Anil Agarwal-led Volcan Investments has decided to rejig semiconductor business segment by bringing it under subsidiary Twin Star Technologies Limited, the group firm Vedanta said on Friday. Under the new structure, Twin Star Technologies (TSTL), which is a sister concern of Vedanta Ltd, will
Under the new structure, Twin Star Technologies Ltd will become its subsidiary and Vedanta's semiconductor and display business will be brought under TSTL
"Vedanta is committed to making India self-reliant in electronics. This is the beginning of the creation of a Silicon Valley in India, a cutting edge and world class electronics ecosystem. My dream is for every Indian youth to have an affordable smartphone, laptop and an electric vehicle," Vedanta Chairman Anil Agarwal said in a statement.
Shares of MTAR Technologies ended 0.19 per cent to Rs 1896.90 on Monday against the previous close of Rs 1893.25 on BSE. The stock has been gaining for last two days.