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Anil Agarwal-led Vedanta Limited and Taiwan's Foxconn on Tuesday signed Memorandums of Understanding (MoUs) with the Gujarat government for setting up a semiconductor and display FAB manufacturing unit in the state with an investment of over Rs 1.54 lakh crore.
Incentives and subsidies under the Gujarat Semiconductor Policy for 2022-27 aim to establish an electronics system design and manufacturing hub in the state.
Chief Minister Bhupendra Patel unveiled the 'Gujarat Semiconductor Policy', will remain in force till 2027, state Science and Technology Minister Jitu Vaghani said in a statement.
The government has come up with a Rs 76,000-crore package for semiconductor and display manufacturing, which is likely to reduce the country's dependence on imports in the future.
India's semiconductor manufacturing, which is important to meet the country's strategic needs, has attracted good interest from global companies, Union Minister for Electronics and Information Technology, Communications and Railways Ashwini Vaishnaw has said.