Vedanta Ltd is set to enter into the semiconductor manufacturing industry this year, as announced by its Chairman, Anil Agarwal. The move comes just days after terminating a joint venture with Foxconn. Agarwal stated that the company has lined up partners for this new venture, which, subject to government approvals, will open up new avenues of rapid growth for Vedanta in this strategic sector for the country. India currently imports $100 billion worth of electronics annually, with $30 billion spent on semiconductors and display glass alone. With this new foray, Vedanta aims to reduce India’s dependence on imports in this sector.

Last week, Vedanta group announced its acquisition of the semiconductor and display businesses from Twin Star Technologies Ltd, making it the first Indian company in the integrated semiconductor and display fab business. This acquisition, along with Vedanta’s ownership of AvanStrate, the fourth largest manufacturer of glass substrate globally, further strengthens its position in the semiconductor industry.

Agarwal emphasized the importance of domestic manufacturing and praised the government’s efforts to create an investment-friendly environment that positions India as a global manufacturing hub. He stated that Vedanta, as the largest diversified natural resources company in India, is well positioned to seize the enormous opportunities in the manufacturing sector.

The company has allocated $1.7 billion for growth capital expenditure this year, highlighting its commitment to expanding its presence in the semiconductor market. With the combined strength of their partnerships and acquisitions, Vedanta aims to become a significant player in India’s semiconductor manufacturing industry.

In conclusion, Vedanta Ltd’s strategic move into semiconductor manufacturing, along with its partnerships and acquisitions, positions it as a key player in India’s efforts to boost domestic manufacturing and reduce reliance on imports in the semiconductor sector.