Indian company Vedanta and Taiwanese Foxconn are investing $ 19.5 billion (CZK 471.3 billion) in a semiconductor and display manufacturing facility in the Indian state of Gujarat. The companies have signed a preliminary contract with the state government to install the plant, Reuters reported. The investment is expected to create more than 100,000 jobs.
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Foxconn acts as a technical partner within the joint venture. Vedanta, a mining conglomerate focused on oil and metals, is funding the project. They are looking to expand their potato chips business.
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Foxconn said good infrastructure and active government support helped set up the factory in the region. The Indian government plans to expand incentives for those investing in semiconductor manufacturing beyond the $ 10 billion originally planned. The country wants to become an important player in the global microchip supply chain. The new plant is also expected to gain support from the state of Gujarat.
Chinese chip maker SMIC is investing $ 7.5 billion in a new factory in China
Hardware
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Vedanta is the third company to announce the construction of a chip plant in India. Before that, the international consortium ISMC and Singaporean firm IGSS Ventures did.
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According to estimates, the Indian semiconductor market could be worth $ 63 billion by 2026 from $ 15 billion in 2020. Most of the world’s microchip production is now confined to a few countries, including Taiwan. India entered the market relatively late and is now actively trying to attract companies to have continuous access to the chips.
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