Our Made-in-India Chip To Be Ready In 2.5 Years, Close To Finalising New Tech Partner For Semiconductor Fab: Vedanta chairman Anil Agarwal

Vedanta chairman Anil Agarwal on Friday said that the metal-to-mining conglomerate is to close to finalising a world class tech partner for its semiconductor unit in India and is in process of formalising the partnership.

Agarwal reiterated that Vedanta group continues to remain committed to building India's first semiconductor and display fabs in Dholera Special Investment Region in Gujarat, and substantial progress has happened to tie up with technology and equity partners in semiconductors.

"In 2.5 years, we will give you Vedanta made-in-India chips," Agarwal informed reporters on the sidelines of SemiconIndia 2023 event.

In 2022, Vedanta had signed a pact with Foxconn, the world's largest contract electronics maker, to set up semiconductor and display production plants in Gujarat. However the partnership was terminated last month and both companies have decided to apply for India chip-making incentives separately.

"Vedanta has a good cash flow, we will make a capital allocation in Vedanta and there is queue of people to give us equity and debt...but we want the tie-ups to be in place first, and have ecosystem," he further added.

Agarwal indicated that the likely investment for first phase of its semiconductor ambitions will be to the tune of USD 5 billion.