The company has also partnered with Taiwan-based Foxconn to diversify its oil-to-metal portfolio to install a semiconductor manufacturing hub in India.
Anil Agrawal’s Vedanta is seeking 1,000 acres of free land from states on a lease for 99 years, as well as water and power at fixed and concessionary prices for the next 20 years, in order to establish a $20 billion semiconductor manufacturing facility in India, Reuters reported citing sources. Notably, the company requires only 700 acres of land to open the manufacturing facility whereas the remaining land will be used as ancillaries.
The company has also partnered with Taiwan-based Foxconn to diversify its oil-to-metal portfolio to install a semiconductor manufacturing plant in India. It earlier said that the manufacturing plant will come up in next two years. Notably, the Indian government has announced a Rs 76,000 crore incentive to boost semiconductor production in India.
According to the report, Vedanta has told the state governments that the manufacturing facility can generate $2.2 billion in tax revenues in the next 20 years, as well as give a boost to the Indian employment sector by creating at least one lakh direct and indirect jobs. It is also reviewing proposals from Telangana, Karnataka, and Maharashtra.
The government has earlier said that the semiconductor market in India is estimated to reach $63 billion by 2026.
Notably, Prime Minister Narendra Modi will be launching a three-day semiconductor conference in Bengaluru to attract global investors in India’s chip-manufacturing space.