Electronics manufacturing companies firm Foxconn chairman Younger Liu on Thursday met Vedanta Group’s managing director Akarsh Hebbar to debate the roadmap of their proposed digital chip manufacturing plant and its location.
Vedanta and Foxconn had signed a memorandum of understanding in February to kind a three way partnership firm in India. Vedanta will maintain 60 per cent of the fairness within the JV, whereas Foxconn will personal 40 per cent.
”Foxconn Chairman Younger Liu met Akarsh Hebbar, Vedanta Group’s World Managing Director of Show & Semiconductor Enterprise, in New Delhi to debate the following steps for his or her proposed partnership to fabricate semiconductor chips in India,” Vedanta mentioned in a press release.
In keeping with sources, each mentioned the placement of organising their semiconductor plant, which might be introduced quickly.
That is the primary three way partnership within the electronics manufacturing house after the federal government introduced an incentive scheme for semiconductors and show manufacturing.
Vedanta is planning to take a position round USD 15 billion in a phase-wise method over the following 5-10 years to construct shows and semiconductor chips in India.
The JV will take a look at organising a semiconductor manufacturing plant within the subsequent two years.
Liu additionally met Telangana IT and Industries Minister KT Rama Rao the place they mentioned Foxconn’s plans of increasing its footprint in India.
Rao invited Foxconn to discover funding alternatives within the state.