On Friday, Anil Agarwal, Chairman of Vedanta, said that the company had found a new world-class tech partner for its semiconductor unit in India. During Semicon India 2023, he also assured Vedanta is fully committed to manufacturing semiconductors.

The company chairman also applauded the Gujarat Government and Prime Minister Narendra Modi for their efforts and dedication to making India a semicon hub of Asia.

Vedanta was in talks with Taiwan’s Foxconn to create a semiconductor Joint Venture. However, Foxconn pulled out from the deal valued at $19.5 billion deal.

The break in the deal was a setback for the Modi government, which has made chip-making a top priority for India’s economic strategy in pursuit of a “new era”.

Foxconn is widely known for assembling iPhones and other Apple products but has ventured into chips to diversify its business portfolio.

The government has been keen on making India the hub for semiconductors.

Rajeev Chandrasekhar, the Minister of State for Electronics and Information Technology, said, “not one person in the semiconductor global ecosystem who does not see India as a very credible, viable and fast charging destination for semiconductor investments and innovation”.

“We are on track to do in the next 10 years with these USD 10 billion, what countries like China took 25-30 years and could not succeed.”

The government has plans to capitalise $300 billion in the electric industry by 2025-26, out of which $110 billion will be for semiconductors by 2029.