Feb 15 2022: Vedanta, one of India’s leading multinational groups, and Hon Hai Technology Group parent company of Foxconn, the world’s largest electronics manufacturing company, have signed an MOU to form a joint venture company that will manufacture semiconductors in India.
According to the MOU, Vedanta will hold the majority of the equity in the JV, while Foxconn will be the minority shareholder. Vedanta Chairman Anil Agarwal will be the Chairman of the joint venture company.
The targeted project plans to invest for manufacturing semiconductors. It will provide a significant boost to domestic manufacturing of electronics in India. Discussions are currently ongoing with a few State Governments to finalize the location of the plant.
The collaboration between Vedanta and Foxconn follows the India Government’s recent policy announcement for Electronics Manufacturing & PLI scheme for incentivizing organizations to contribute towards development of this sector. This will be the first joint venture in the electronics manufacturing space after the announcement of the policy.
The Vedanta Group is a global diversified group of companies with presence in metals, mining, oil & gas, power, telecom and glass. Vedanta Group has presence in electronics and technology business through group companies, Avanstrate Inc. and Sterlite Technologies.
Established in Taiwan in 1974, Hon Hai Technology Group ("Foxconn"), the world's largest electronics manufacturer, is also a leading technology solution provider, and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies.