India’s Vedanta Group has signed agreements with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India.
Vedanta Group signed the MoUs at the Korea Biz-Trade Show 2023 event organized by KOTRA, the state-funded trade and investment promotion organization operated by the South Korean government, in collaboration with Korea’s Ministry of Trade, Industry and Energy.
“More than 50 companies have shown their interest in partnering with us and we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain,” said Akarsh K Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display business.
The proposed electronics ecosystem hub has the potential to attract more than 150 companies and create upwards of 100,000 direct and indirect jobs.
Vedanta’s greenfield display fab would be one of the anchors for this proposed hub.
Amit Kumar, India’s Ambassador to South Korea said that the Indian electronics industry is of one the fastest sectors in the country and is expected to reach $300 billion by 2026, driven by robust domestic demand, government incentives, and increasing consumer spending power.
Vedanta and Foxconn signed a MoU with the Gujarat government last year to invest Rs 154,000 crore to set up the semiconductor and display manufacturing plant.