Partners are lined up for semiconductor ambitions, according to Anil Agarwal

Anil Agarwal, the chairman of the business, said on Wednesday that partners have been lined up for the venture and that Vedanta would start producing chips this year, days after the Taiwanese partner of the Vedanta group walked out of a $19.5 billion semiconductor-making project.

Agarwal did not, however, name the partner.

This week, Hon Hai Technology Group, popularly known as Foxconn, announced its intention to seek for incentives under the government’s plan for semiconductor manufacturing after withdrawing from its joint venture with Vedanta to make chips.

Vedanta had just announced last week that it would purchase semiconductor and display glass operations from a group firm.

The majority of the world’s chips are produced in a small number of nations, and India is a late entry, expecting its semiconductor business to be worth $63 billion by 2026. Semiconductors are employed in a variety of products, from automobiles to refrigerators to mobile phones.

Agarwal said that there was a significant potential in the electronics industry given that India imports electronics worth $100 billion annually during his speech at Vedanta’s annual shareholder meeting. This includes display glass and semiconductors worth $30 billion.

He said without addressing the Foxconn withdrawal, “We have partners lined up for our semiconductor venture.” “Your company will launch a historic foray into semiconductor fab and display fab this year, subject to government approvals.”

Vedanta said it was totally committed to its semiconductor project and has lined up new partners to establish India’s first foundry shortly after Foxconn announced Monday that it was leaving the business.

Without naming the company that provided the technology, it had said in a statement that it had obtained a licence for production-grade technology for the 40 nm process from a well-known integrated device manufacturer. We’ll soon have a licence for 28 nm production-grade technology as well.

According to Agarwal, entering the semiconductor manufacturing market would provide the firm access to a brand-new path of explosive development in a crucial industry for the nation.

He said that its subsidiary AvanStrate, the fourth-largest producer of glass substrate in the world, is one of just four firms in the world that own the specialised patented technology.

His enterprises in semiconductors and display glass would “enable our youth to have access to affordable electronic devices which will help them fulfil their aspirations,” he stated.

According to reports, Foxconn is in discussions with a number of domestic and foreign partners to produce semiconductors in India utilising advanced chip manufacturing technologies for goods including electric vehicles.