Foxconn Technology Group, Vedanta Plan to Set Up Chip Plant in Gujarat, India

By Kosaku Narioka

Foxconn Technology Group and Indian mining company Vedanta Ltd. plan to set up a semiconductor plant in Gujarat, the home state of Indian Prime Minister Narendra Modi.

Vedanta said Tuesday that the total investment for the project, which also includes manufacturing of displays, could be up to US$20 billion and that the project would provide 100,000 jobs.

Foxconn said it would only participate in the semiconductor project and is currently expected to invest US$118.7 million in the project.

Vedanta said it would hold a 60% stake in the joint venture, while Foxconn would own the remaining 40% stake, and that the joint venture would look to set up a chip-making plant in the next two years.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

09-14-22 0406ET