Vedanta Group’s Chairman Anil Agarwal announced that the company will begin a foray into semiconductor manufacturing this year, subject to government approvals. This venture is expected to open up a new avenue of rapid growth for the company and is strategic for the country. Agarwal stated that partners have been lined up for the venture, but did not disclose their names. The company will begin by manufacturing semiconductors and display glass, with its subsidiary AvanStrate being one of the largest manufacturers of glass substrate in the world.
The move comes after Vedanta’s Taiwanese partner, Hon Hai Technology Group (Foxconn), pulled out of a $19.5 billion semiconductor-making project. However, Agarwal maintained that Vedanta is committed to the project and has lined up other partners to set up India’s first foundry. The company aims to capitalize on India’s growing demand for semiconductors, with the market expected to reach $63 billion by 2026. Agarwal emphasized the importance of this sector, stating that it will enable Indian youth to have access to affordable electronic devices and help them fulfill their aspirations.