100% committed to producing chips, display glass in India: Vedanta Chairman

  • IANS
  • Stock Market News
100% committed to producing chips, display glass in India: Vedanta Chairman
Credit: © Reuters.

New Delhi, July 13 (IANS) Vedanta (NS: VDAN ) Chairman Anil Agarwal on Thursday said that he is 100 per cent committed to produce semiconductors and display glass in India and have lined up partners for the same.Agarwal reacted after Taiwanese chip-making giant Foxconn announced it had withdrawn from a joint venture to manufacture chips with India-based industrial giant Vedanta.

He said that India is a land of opportunities with huge potential.

“We need several ventures to help India become a semiconductor and display glass hub. We welcome Foxconn and the whole world to come and invest in this sector,” Agarwal said in a tweet.

He further said that they are thankful to the government for taking proactive steps towards realising the dream of atmanirbharta and electronics.

“This is what will help us become a developed country. My vision is to fulfil the dreams of our young India,” said Agarwal.

The government has already said that the decision of Foxconn to withdraw from its semiconductor JV with Vedanta has no impact on India's semiconductor goals.

Vedanta earlier said it will go ahead with the project.

"Vedanta reiterates that it is fully committed to its semiconductor fab project and we have lined up other partners to set up India’s first foundry. We will continue to grow our Semiconductor team, and we have the license for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer (IDM),” said the company.

In his tweet, Agarwal said that he is proud of his team who has worked hard for the last one and a half years in closing on the right location, bringing in the best experts and companies “to join us in developing the electronics ecosystem”.

“Yeh India ka time hai. Nobody can stop our country from building another silicon valley. This is a turning point for our country where, with speed and urgency, we will produce for India and the world,” he noted.

--IANS

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