Vedanta, Foxconn JV plan Rs 1.54-trn chip unit in Guj

Ahmedabad: A joint venture of the Indian conglomerate Vedanta and Taiwanese electronics manufacturing giant Foxconn signed a Memorandum of Understanding (MoU) with the Gujarat government on Tuesday to set up a semiconductor and display manufacturing unit in the state.

Vedanta-Foxconn would invest Rs1,54,000 crore to set up the facility in Gujarat, which would create one lakh job opportunities, Chief Minister Bhupendra Patel said after the MoU was signed in the presence of Union Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw, at a function in Gandhinagar.

This is the biggest ever corporate investment in the history of independent India, said Gujarat Science and Technology Department Secretary Vijay Nehra, who signed the MoU on behalf of the state government.