Vedanta-Foxconn semiconductor plant in Gujarat will start production in 2 years, generate 1 lakh jobs

New Delhi: The new Vedanta-Foxconn semiconductor plant in Gujarat will start production within two years and will generate one lakh jobs, Anil Agarwal, Founder and Chairman of Vedanta Resources, said on Tuesday. Indian conglomerate Vedanta and electronics manufacturing giant Foxconn today signed a Memorandum of Understanding (MoU) with the Gujarat government to set up the semiconductor and display FAB manufacturing unit in the state. The MoU was inked in the presence of Minister for Railways, Communications, Electronics and Information Technology, Ashwini Vaishnaw, at a function in Gandhinagar. In a tweet, Agarwal said, “Vedanta’s landmark investment of Rs 1.54 lakh crores will help make India’s Atmanirbhar Silicon Valley a reality.” He further said that the project will held fulfil Prime Minister Narendra Modi’s vision of creating a robust manufacturing base in India. “It will reduce our electronics imports and provide 1 lakh direct skilled jobs to our people,” he added.

Speaking at the event, Agarwal said, “We are trying to ensure that production gets underway within two years. This isn’t just about one lakh jobs, we are transforming the nation. The country will enter (field of) semiconductors and glass. But I can’t even imagine what doors will this open once production begins.” He went on to say that poor people cannot afford a Rs 15,000 - 20,000 phone. “It has just two raw materials - glass and semiconductor. Rest can be manufactured in our factories. I am dreaming of the cluster around this. It’s becoming a hub of semiconductor and glass.” Addressing the event, Union Minister Ashwini Vaishnav said, “The project is in line with PM Narendra Modi’s vision for achieving self-reliance in the field of semiconductor manufacturing. I congratulate Vedanta and Foxconn for taking this initiative and bringing the semiconductor plant to India. The Gujarat plant will go a long way in helping build $1 trillion digital national economy.” Also Read: ‘India's Atmanirbhar Silicon Valley’: Anil Agarwal’s Vedanta invests Rs1.54 trillion for semiconductor plant in Gujarat Gujarat Chief Minister Bhupendrabhai Patel called it a “huge investment” coming on the day when the government led by him completes one year in office. He said that the Gujarat government will provide all help to the joint venture so that the plant can start its operations soon. With inputs from agencies Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.