Vedanta and Foxconn are to invest Rs1.54tn ($19.4bn) in Prime Minister Narendra Modi’s home state of Gujarat to build one of India’s first semiconductor manufacturing complexes — part of a high-stakes, government-backed push to build domestic chipmaking capacity. The Indian mining and industrial group and the Taiwanese contract manufacturer chose Gujarat over neighbouring Maharashtra, which was also vying for the business, for their joint venture.
NEW DELHI (Reuters) -Vedanta Ltd and Taiwan's Foxconn will invest $19.5 billion under pacts signed on Tuesday to set up semiconductor and display production plants in Gujarat, the home state of Indian Prime Minister Narendra Modi. Reuters was first to report on Monday that the joint venture obtained subsidies including on capital expenditure and electricity from Gujarat to set up units near the western state's largest city, Ahmedabad. The showpiece investment of 1.54 trillion rupees, which Gujarat said was the largest ever by any group in an Indian state, comes ahead of key local elections in the state where Modi's ruling group is facing a tough challenge from opposition parties.
Apple supplier Foxconn has signed a $300 million memorandum of understanding with Vietnamese developer Kinh Bac City to expand its facility in the north of the country to diversify and boost production, state media said on Saturday. The Taiwanese company's new factory, on a plot of 50.5 hectares (125 acres) in Bac Giang province, will generate 30,000 local jobs, the Tuoi Tre newspaper said. Foxconn, formally called Hon Hai Precision Industry Co, and Kinh Bac City did not immediately respond to requests for comment.