Vedanta has selected Gujarat state for its semiconductor project. This would be the first major step in its $20 billion joint venture with Taiwan’s Foxconn, Reuters news report said.
Vedanta is yet to confirm or deny the news report.
Vedanta has obtained financial and non-financial subsidies including on capital expenditure and cheap electricity from Gujarat to build the semiconductor plants.
The project will include display and semiconductor facilities near the largest city of Ahmedabad in the western state.
While lobbying for incentives, Vedanta had sought 1,000 acres (405 hectares) of land free of cost on a 99-year lease, and water and power at concessionary and fixed prices for 20 years, Reuters reported in April.
Vedanta had a;sp considered states such as Maharashtra, Telangana and Karnataka for putting up Vedanta-Foxconn’s mega project.
India’s semiconductor market is estimated to reach $63 billion by 2026 from $15 billion in 2020, the government says.