India's Vedanta to enter the chip market this year after Foxconn split

  • 📰 Reuters
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

India's Vedanta will enter the market for the manufacturing of chips and displays this year, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconn pulled out of the $19.5 billion chipmaking project.

A bird flies by the Vedanta office building in Mumbai August 16, 2010. REUTERS/Danish Siddiqui/File Photo

BENGALURU, July 12 - India's Vedanta will enter the market for the manufacturing of chips and displays this year, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconnto apply for incentives under India's semiconductor production plan. In an address to the shareholders, Agarwal said Vedanta will "this year, subject to government approval" begin its foray to setup its semiconductor and display units.

After Foxconn pulled out, Vedanta said it has lined up partners for the venture, without giving any further details. Volcan Investments, Vedanta's holding company and Foxconn had signed a pact last year to set up semiconductor and display production plants in Prime Minister Narendra Modi's home state Gujarat in western India.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines