Vedanta to set up iPhone manufacturing centre in India: Report

To boost electronics manufacturing in India, Vedanta will set up a centre to make Apple iPhones and other television equipment in Maharashtra. Reuters quotes from an interview given by President Anil Agarwal to CNBC TV18.

The mining giant is also expected to enter the electric vehicle space, Agarwal said. The race to make Apple iPhones is heating up with Tata Group in talks with Taiwanese electronics giant Wistron to set up a joint venture.

The move will likely turn India into a hub for electronics manufacturing as it seeks to lure global majors away from China. Apple hopes to diversify its production away from China as COVID lockdowns have chafed supply chains in the world's second-largest economy.

Vedanta is increasing its focus on semiconductor manufacturing. It signed a memorandum of understanding (MoU) as part of which the company will invest more than Rs 1.54 lakh crore in the state to set up a display and semiconductor manufacturing unit, the state government said in a statement on Tuesday.

The mining giant will take a 60% stake in the joint venture, while Taiwanese chipmaker Foxconn will own the remaining 40%. The JV became the fourth to announce plans under the Rs 76,000 crore production-linked incentive (PLI) scheme to foster chip-making capabilities in the country.