Vedanta-Foxconn To Set Up India’s First Semiconductor Manufacturing Facility In Gujarat’s Dholera

Ahmedabad, Feb 20: A three way partnership of Indian conglomerate Vedanta and electronics manufacturing large Foxconn has finalised the Dholera Special Investment Region close to Ahmedabad metropolis of Gujarat for organising their semiconductor and show manufacturing facility, a senior state authorities official mentioned on Monday.

In the largest ever company funding within the historical past of unbiased India, a three way partnership of Vedanta and Foxconn in September final 12 months signed a Memorandum of Understanding (MoU) with the Gujarat authorities to speculate Rs 1,54,000 crore to arrange the plant within the state. This would be the first manufacturing facility for semiconductors in India.

At that point, the three way partnership firm had not disclosed the precise location of the ability.

”After an in depth web site evaluation in session with Gujarat authorities authorities, the three way partnership entity of Vedanta and Foxconn has chosen Dholera SIR for organising their semiconductor and show manufacturing facility. The challenge is within the superior stage of analysis by the federal government of India,” the official mentioned.

The MoU was signed in September final 12 months in Gandhinagar within the presence of Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw.

Both the businesses would make investments Rs 1,54,000 crore to arrange the ability in Gujarat, which might create one lakh job alternatives, Gujarat Chief Minister Bhupendra Patel had mentioned on the event. Patel had additionally mentioned his authorities will present cooperation to arrange the ability and to make it successful.

Notably, Prime Minister Narendra Modi, whereas addressing a ballot rally in Bhavnagar in November forward of the Assembly polls, had given clear indication that the mega semiconductor plant will come up at Dholera SIR, practically 100 km from Ahmedabad.

This challenge is more likely to get big subsidies and incentives, like zero stamp obligation on land buy and subsidised water and electrical energy, below the ’Gujarat Semiconductor Policy 2022-27’ introduced by the state authorities in July final 12 months.

Gujarat turned the primary state within the nation to have such a devoted coverage for the semiconductor and show fabrication sector, a authorities official earlier mentioned.

Under this coverage, eligible tasks can be given 75 per cent subsidy on the acquisition of the primary 200 acres of land for organising manufacturing items. The eligible tasks can be offered good high quality water on the fee of Rs 12 per cubic metre for the primary 5 years.

To encourage traders below the coverage, the state authorities has additionally introduced to reimburse 100 per cent of stamp obligation which traders would pay for the primary time for taking land on lease, sale or on land switch.

Read all of the Latest Tech News right here

(This story has been edited by News18 workers and is revealed from a syndicated news company feed)