Vedanta Chairman Anil Agarwal on July 28 said that the Indian mining major is in talks with a “world class” technology partner for its semiconductor business. The firm has signed hundreds of memorandum of understanding (MoUs) across the world to build an ecosystem for semiconductor manufacturing.

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“Have already identified a world class tech partner for semiconductor and are in the process of tying up with them,” Agarwal said in his address at the Semicon India 2023 event in Gujarat’s Gandhinagar, and announced that Vedanta is fully committed to manufacture semiconductor and display fab.

The development comes weeks after the Taiwan-based electronics manufacturing giant Foxconn announced its decision to withdraw from the $19.5 billion joint venture (JV) with Vedanta for semiconductor production in India.

The partnership between Foxconn and Vedanta, a prominent metals-to-oil conglomerate, was established with the objective of setting up semiconductor and display production plants in Gujarat. However, Foxconn has expressed its intention to disassociate itself from the project, stating that it is working towards removing the Foxconn name from the entity, which has since become fully owned by Vedanta.

Also Read | Foxconn exit from Vedanta JV has no impact on India's semiconductor goals: Minister

At the Semicon India 2023 event today, Agarwal said India is currently the best bet for investors as land acquisition is very easy in India. “You will never go wrong with investments in India… India is the country for entrepreneurs,” he said.

He added that Gujarat has been the place of choice for creating the next Silicon Valley and that the state government has been taking initiatives to create infrastructure for the semiconductor industry.

In fact, a Reuters report, citing a top government official, earlier this month suggested that Gujarat state was holding talks with Foxconn over a semiconductor plant.

Meanwhile, speaking at the 58th Annual General Meeting (AGM) of Vedanta, Agarwal billionaire had also said that Vedanta will begin its historic foray into semiconductor and display fab business this year. And that the firm had lined up other partners to set up India's first semiconductor foundry.

Track all latest updates from Semicon India 2023 event on CNBCTV18.com’s blog

Also Read: Vedanta fully equipped to make chips in India, says Anil Agarwal | Exclusive

First Published:Jul 28, 2023 11:59 AM IST