Vedanta said that it has redoubled efforts to fulfil Prime Minister Narendra Modi's vision for semiconductors and affirmed that India remains pivotal in repositioning global semiconductor supply chains
Workers assemble electronic components at a Foxconn factory in Shenzhen, China, in 2010. Representation pic
After the withdrawal of Taiwanese electronic contract manufacturer Foxconn from its chip joint venture, Vedanta on Monday asserted that it is fully committed to its semiconductor project and has lined up other partners to set up India's first foundry.
ADVERTISEMENT
Vedanta said that it has redoubled efforts to fulfil Prime Minister Narendra Modi's vision for semiconductors and affirmed that India remains pivotal in repositioning global semiconductor supply chains.
"Vedanta reiterates that it is fully committed to its semiconductor fab project and we have lined up other partners to set up India's first foundry. We will continue to grow our Semiconductor team, and we have the license for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer (IDM)," Vedanta said in a statement.
The company had announced plans to set up its chip plant in Gujarat with an investment of around Rs 1.5 lakh crore.
However, its JV partner Foxconn has announced to pull out of the project.
"We will shortly acquire a licence for production-grade 28 nm as well. Vedanta has redoubled its efforts to fulfil the prime minister's vision for semiconductors and India remains pivotal in repositioning global semiconductor supply chains," the statement said.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
