The Vedanta-Foxconn partnership has signed two Memorandum of Understanding (MoU) with the Gujarat government to set up display and semiconductor production plants in the state. The companies aim to invest $19.5 billion (about Rs 1,54,350 crore) under the joint partnership. According to Foxconn and Vedanta, the new plants under the joint venture will create over 1,00,000 jobs in Gujarat. The companies plan to start manufacturing display and chip products within the next two years. It should be noted that Gujarat defeated Maharashtra in a close race to win the location of the plant.
The Vedanta-Foxconn joint partnership has signed a Memorandum of Understanding with the Gujarat government to set up a display and semiconductor production plant in the home state of Prime Minister Narendra Modi, Gujarat. As mentioned earlier, the company aims to invest $19.5 billion (about Rs 1,54,350 crore) under the partnership. Under the deal, the Vedanta-Foxconn joint venture will set up a semiconductor fab unit, a display fab unit and a semiconductor assembling and testing unit in Ahmedabad.
There was a report earlier this week [said](https://gadgets360.com/laptops/news/vedanta-gujarat-semiconductor-plant-foxconn-usd-20-billion-3338094) that the joint venture received subsidy including capital expenditure and electricity from Gujarat to set up the unit Is. near ahmedabad
The Vedanta-Foxconn project is expected to create 100,000 jobs in Gujarat. Foxconn will act as the technology partner in the venture, while Vedanta will finance the project.
Investment of Rs. The Rs 1,54,000 crore is said to be the largest ever made by any group in an Indian state. This big investment comes ahead of major local elections in Gujarat. Communications and IT Minister Ashwini Vaishnav also announced the deal via a tweet.
A step towards realizing PM @Narendra Modi Zee’s vision to position India as a reliable partner in the global semiconductor supply chain. Vedanta-Foxconn signs MoU with Gujarat to set up semiconductor and display fabs worth ₹1.54 lakh crore and generate 1 lakh direct jobs. pic.twitter.com/JE8A3uiDA8
— ashwini vaishnav (@ashwini vaishnav) 13 September 2022
To recall, Gujarat beat Maharashtra in a close race to win the plant location.
Meanwhile, the joint venture between Vedanta and Foxconn was [announced](https://gadgets360.com/mobiles/news/foxconn-vedanta-india-chip-semiconductor-partnership-global-shortage-iphone-maker-apple-supplier-2768928) In February this year, when the two companies collaborated It was the semiconductor manufacturing scheme of the Government of India. Under the deal, Vedanta holds 60 per cent, while Foxconn holds 40 per cent.