Vedanta-Foxconn JV finalises $22 bn investment in state

The Maharashtra Cabinet is set to clear on Wednesday a proposal to allot land for a $22 billion Vedanta-Foxconn project to set up a semi-conductor and display fabs manufacturing facility in the state.

Additional Chief Secretary (Industries) Baldev Singh told The Indian Express, “We are bringing a proposal before the state Cabinet on Wednesday to facilitate investment of Vedanta-Foxconn in Maharashtra. They will bring an investment of over Rs 1,58,000 crore in the state.”

A press note issued by the Maharashtra Industrial Development Corporation (MIDC) said, “Vedanta is in active discussion with the government of Maharashtra for their proposed manufacturing facility for semi-conductors and display fabs. With a high concentration of skilled manpower, connectivity to the port, seamless domestic supply-chain and highly developed industrial infrastructure, Talegaon in Pune has emerged as a prominent option for Vedanta and Foxconn for their USD 22 billion investment that can generate more than 200,000 direct and indirect jobs.”

On Tuesday afternoon, Vedanta Electronics and Foxconn delegation called on Chief Minister Eknath Shinde and Deputy CM Devendra Fadnavis at Mantralaya.

Anil Agarwal-led Vedanta Group’s team was headed by Akarsh K Hebbar, global MD of Vedanta’s display and semi-conductor business arm Avanstrate.

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