India's Vedanta Group inks understanding with 30 Japanese firms

-  New global thrust to India's Semiconductor & Display Glass mission

TOKYO, Dec. 14, 2022 /PRNewswire/ -- Vedanta Group has signed Memoranda of Understanding with 30 Japanese companies for development of India's semiconductor and glass display manufacturing ecosystem. These were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week at Tokyo, Japan and attended by more than 200 delegates from over 100 global companies.

Earlier this year, Vedanta-Foxconn announced setting up semiconductor and glass fab units in India's Gujarat state. The project envisaging total investment of USD 20 Bn with employment potential of over 100,000 people aims to provide affordable electronics for Indians and is attracting global players across the value chain.

The conference witnessed the unveiling of a comprehensive manufacturing plan by Mr. Akarsh K. Hebbar, Global MD, Display and Semiconductor Business, Vedanta along with Dr. Alan Tsai, CEO, Avanstrate Inc. and Mr. Pranav Komerwar, India Head, Electronics Business. Sharing the Group's vision, Mr. Hebbar said, "We are committed to making India a hub for electronics manufacturing. Vedanta is focussed on taking the lead in creating the electronics industry ecosystem. This comprehensive plan has potential to generate business opportunities of over $40 Bn for our partners in the coming years."

The event had representatives from Indian Embassy at Japan and Gujarat Government led by Mr. Vijay Nehra, Director Technology Mission, Gujarat, who said, "Dholera region in Gujarat shall be developed along the lines of global science parks. With Vedanta acting as an anchor unit, the region will be developed for 1000+ MSMEs to create a sustainable economic environment for hi-tech SCM."

Global markets rely heavily on the supply of semiconductors on a handful of countries. Aiming to mitigate supply risks and make India self-reliant, the Government of India has formulated the strategy to incentivize manufacturing of critical semiconductors and high-end tech manufacturing in India.

Vedanta Group ("Vedanta") is a globally diversified natural resources and technology conglomerate.

AvanStrate Inc., a Vedanta subsidiary and global technology company headquartered in Tokyo with operations in Korea and Taiwan; specializes in LCD glass substrates used in TVs, computers, mobile phone screens and other display devices.

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