Vedanta Group Expects Chip Business Turnover to Reach $3.5 Billion, One-Third of Which Will Come from Exports
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Update time : 2022-07-06 11:21:28
Vedanta Group expects its semiconductor business turnover to be between $300 million and $3.5 billion, of which about $1 billion will come from exports, a senior company official said. Akarsh Hebbar, global managing director of Vedanta Group's display and semiconductor business, said its joint venture partner Foxconn has all the agreements and technology needed to start manufacturing electronic chips.
Vedanta Foxconn JV is one of three companies that have applied to set up a semiconductor manufacturing unit in the country. vedanta has also applied to set up a display manufacturing plant to make screens for electronic device displays.
"We expect our turnover to be in the range of $300-$3.5 billion by the first phase of 2026-27. This will come from a combination of both displays and semiconductors. "At that time we expect $1 billion to come from exports," Hebbar told PTI.
The Vedanta Group has earmarked up to $20 billion for the semiconductor business and plans to invest $15 billion in the first 10 years. This is Vedanta Group's second attempt to enter the semiconductor business. Earlier, the company had announced plans to spend $10 billion in 2015-16 to enter the sector to set up a display plant but failed to get government approval.
