Foxconn Has Partnered With Vedanta To Make Semiconductors
Foxconn has partnered with Vedanta to make semiconductors. iPhone maker company will make semiconductors in India, agreement with Vedanta.
Foxconn manufactures Apple’s iPhones. This Apple iPhone is the world’s largest company. But now Foxconn along with making Apple iPhone will also make semiconductors in India.
For this, Foxconn has partnered with Vedanta. Let us tell you that Vedanta is the world’s largest company of oil and mining.
Together these two companies will make semiconductors in India. Foxconn and Vedanta have formed a joint venture (JV) regarding this.
Semiconductor to be made in India.
High Technology Group (Foxconn), the world’s largest electronics product maker, has signed an MoU to manufacture semiconductors in India.
This is the first joint venture of its kind between the two companies. It will be the first company to support PM Narendra Modi’s vision of manufacturing semiconductors in the country.
Vedanta will hold majority equity in the joint venture, while Foxconn will be a minority shareholder. Vedanta chairman Anil Agarwal will be the chairman of the joint venture company.
India will become a manufacturing hub.
Let us tell you that the PM Modi government has announced the PLI scheme for making semiconductors in India. Under which Rs 76,000 crore will be spent in 6 years.
Under this, an incentive amount of Rs 2.3 lakh crore will be given.
In this, 25% incentive capital can be given on the capital expenditure of the unit for compound semiconductor wafer fabrication, assembling, testing, packaging, and production.
What will be the benefit for India?
The semiconductor is used to make all kinds of electronic products. It is used in making smartphones, laptops, cars.
Domestic manufacturing of semiconductors will generate massive employment in India. Also, it will help in controlling the shortage and price of semiconductors.
Due to this the price of many electronic products including electronic products like cars, mobiles can come down in the coming days.
Where will the manufacturing plant be located?
To make semiconductors, talks are going on with the state governments as to where to set up a manufacturing plant.
