India Wins $20B Semiconductor Tech Investment From Apple Supplier, Vedanta Kicking Off Its Journey As A Chip Maker

Vedanta Ltd and Apple Inc (NASDAQ:AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC:HNHAF), operating as Foxconn, aims to invest $19.5 billion to set up semiconductor and display production plants in Gujarat, India, Reuters reports.
Vedanta Chair Anil Agarwal tweeted regarding the new plant describing it as the onslaught of India's journey from Chip Taker to a Chip Maker.
The joint venture obtained subsidies to set up units near the western state's largest city, Ahmedabad.
The showpiece investment of ₹1.54 trillion coincides with the upcoming local elections in the state, where Modi's ruling group is facing a tough challenge from opposition parties.
The Vedanta venture aims to manufacture display and chip products within two years.
Vedanta plans to set up a display manufacturing unit with an investment of ₹945 billion ($11.95 billion) and separate chip-related production units by investing ₹600 billion ($7.58 billion),
Vedanta and Foxconn will work closely with the state government to establish high-tech clusters with the requisite infrastructure.
Foxconn will bring technical expertise to the venture, whereas Vedanta, who has a mining background, will finance the project, TechCrunch reports.
The state of Gujarat will offer subsidies on capital expenditure and electricity for the project.
The Indian government promised to expand incentives beyond an initial $10 billion plan for those investing in semiconductor manufacturing.
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