Vedanta sees no funding problems for Indian chip JV with Foxconn

Vedanta does not see any funding problems for a $19.5 billion semiconductor venture with Taiwan's Foxconn, its chairman told CNBC-TV18 on Wednesday, adding he hoped the project would foster local electronics clusters.

By:REUTERS
| Updated on: Sep 16 2022, 22:32 IST
Vedanta
Metals-to-oil conglomerate Vedanta on Tuesday signed an agreement with the western Indian state of Gujarat for the project, (REUTERS)

Vedanta does not see any funding problems for a $19.5 billion semiconductor venture with Taiwan's Foxconn, its chairman told CNBC-TV18 on Wednesday, adding he hoped the project would foster local electronics clusters.

Metals-to-oil conglomerate Vedanta on Tuesday signed an agreement with the western Indian state of Gujarat for the project, which it expects will start commercial production in about two years.

You may be interested in

MobilesTablets Laptops
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
28% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

"Foxconn has taken equity. They will bring their own money," Vedanta's Anil Agarwal said. "With the reputation of ours and Foxconn, money will never be a constraint."

Also read
Looking for a smartphone? To check mobile finder click here.

He said the chips from Gujarat would help to foster clusters of companies that could make products like iPhones, television sets, laptops and other electronic goods in India.

Vedanta shares closed up 10.1% in a wider Mumbai market that closed ended lower on Wednesday.

Apple did not respond to a Reuters request for comment.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 16 Sep, 22:19 IST
Tags:
NEXT ARTICLE BEGINS