Indian conglomerate Vedanta Group on Monday said it has signed agreements with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India.

Share Market Live

NSE

Vedanta was invited to a roadshow at the recently-concluded Korea Biz-Trade Show 2023 organised by the Korean government-funded trade and investment promotion organisation KOTRA.

"More than 50 companies have shown their interest in partnering with us and we are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain," Vedanta's semiconductor and display business Global Managing Director Akarsh K Hebbar said in a statement.

Also Read: ICICI Bank to consider fund raising on April 22 via issuance of debt securities

He presented the company's plans to set up a display fab in India and invited prospective partners and customers to join Vedanta in establishing an electronics hub, supported by favourable government policies.

"Along with the Indian government, we showcased the immense investment opportunities that our country has to offer, supported by conducive policies, good talent and a robust innovation ecosystem," Hebbar said.

He said Vedanta's greenfield display fab would be one of the anchors for this proposed hub and offered help to any company willing to explore India as an investment destination.

Vedanta Foxconn JV has applied for setting up a semiconductor manufacturing plant in Gujarat. Vedanta has also applied for setting up a display unit that can be used for making screens of mobile phones, television, and other digital devices.

Also Read: Exclusive | Insurance regulator revives roadmap to launch Bima Sugam

In December 2022, Vedanta had received a similar invitation for a roadshow in Japan, which was attended by more than 200 delegates from around 100 companies. That roadshow concluded with Vedanta signing memoranda of understanding (MoUs) with 30 Japanese firms.

Vedanta Group company Avanstrate Inc specialises in the display glass industry with a manufacturing footprint in Korea and Taiwan. Avanstrate's Pyeongtaek-si plant in Korea has been operational for more than 15 years and manufactures Gen 4 to Gen 8 TFT display glass.

The facility also serves as the company's research and development centre, working on developing wafer glass, ultra-thin glass, next-generation cover glass and AR/VR glass applications, the statement said.

Also Read: Hathway board appoints Tavinderjit Singh Panesar as CEO; announces Q4 results