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Nadar Malhotra stated that HCL Group sees Foxconn as a great strategic partner. “A lot a lot of people know them much more for their manufacturing prowess, but a big part of the universe of their manufacturing is the work that they do (is) in semiconductor design.”
Semiconductor Manufacturing: Under this scheme, investment of $19.5 billion by a joint venture between Vedanta Group and Taiwan’s Foxconn was announced to set up India’s first semiconductor and display production plants in Gujarat. The project came to a halt in July this year when the venture was called off.
The outlay has the potential to accelerate India’s journey towards economic development, help the country achieve self-reliance in technology, and foster technological sovereignty
Apart from the semiconductor application, Vedanta through its SPV had submitted an application on February 15, 2022 to the Government for grant of approval under the scheme for setting up of Display Fabs in India (dated December 21, 2021).
Vedanta has also applied for the government's semiconductor scheme and has formed a joint venture with Foxconn.