Gujarat: Vedanta-Foxconn's chip plant creates one lakh jobs

"Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in Gujarat. Vedanta’s landmark investment of Rs 1.54 lakh crores will help make India's Atmanirbhar Silicon Valley a reality," Agarwal said in a tweet.

The proposed semiconductor manufacturing fab unit will operate on the 28nm technology nodes and the display manufacturing unit will produce Generation 8 displays catering to small, medium and large applications.

In this jont-venture, Vedanta will hold 60 percent of the equity and Foxconn will own 40 percent.

Both firms also have plans to collaboratively setup a semiconductor manufacturing plant in the next two years.

The industrialist said the proposed project will help fulfill Prime Minister Narendra Modi's vision of creating a strong manufacturing base in India.

"It will reduce our electronics imports and provide 1 lakh direct skilled jobs to our people... going from job seekers to job creators!" he said.

Speaking on the occasion, Gujarat CM Bhupendrabhai Patel said, "We will provide all help to the joint venture so that the plant can start its operations soon."

Agrawal said, "India will fulfil the digital needs of not just her people, but also those from across the seas. The journey from being a chip taker to a chip maker has officially begun."

India has vowed to spend $30 billion to overhaul its tech industry and build local chip supply chains to avoid being dependent on foreign producers.