Vedanta Group and Hon Hai Technology Group (Foxconn) on Monday announced the signing of an memorandum of understanding (MoU) to form a joint venture company that will manufacture semiconductors in India. The Indian mining major Vedanta has inked an MoU with Taiwanese electronics manufacturing company, Hon Hai Technology Group (better known as Foxconn) to form a joint venture (JV) for manufacturing semiconductors in India.
Vedanta is the first company to make an announcement to invest in semiconductor manufacturing after the government announced a Rs 76,000 crore programme to boost the electronic chip and display ecosystem in the country. Vedanta will be majority shareholder in the JV while Foxconn will hold minority share. Anil Agarwal, the non-executive Chairman of Vedanta, will be the Chairman of the JV company.
