Vedanta, an Indian conglomerate, has set aside $15 billion for a push into the electronic chip and display production, with ambitions to increase the investment to as much as $20 billion, according to a senior company executive.
Vedanta Resources Limited, headquartered in London, England, is a globally diversified mining business. It is India’s largest mining and non-ferrous metals corporation, with activities in Australia and Zambia, as well as three countries’ oil and gas fields. Zinc, lead, silver, oil & gas, iron ore, steel, aluminum, and power are the company’s primary products.
The company is principally held by Anil Agarwal’s family through Volcan Investments, a holding vehicle that owns 61.7 percent of the company. Vedanta Limited (formerly Sesa Goa / Sterlite) is one of Vedanta Resources’ many Indian subsidiaries, operating iron ore mines in Goa.
According to an executive from Vedanta’s semiconductor subsidiary, Avanstrate, which would spearhead the semiconductor sector, the company plans to roll out electronic chips and displays from Indian production units by 2025.
“Semiconductor manufacturing is a long-term endeavor. We’re talking about a total of USD 10 billion on the line. Right now, we’re looking at a semiconductor market of USD 7 billion, with the potential to grow by another USD 3 billion. We have committed to investing up to USD 15 billion over the next ten years. We would assess more investment at a later time “Akarsh Hebbar, managing director of Avanstrate, told PTI.
Avanstrate has been applied to build a semiconductor plant as well as a display manufacturing facility.
Vedanta has inked a memorandum of understanding with Foxconn, the world’s largest provider of electronics manufacturing services, to launch a joint venture that will produce semiconductors in India.
Following the government’s announcement of a USD 10 billion (Rs 76,000 crore) program to improve the country’s electronic chip and display ecosystem, Vedanta is the first business to announce plans to invest in semiconductor manufacturing.
In 2004, Indian non-government organizations led by the People’s Union for Civil Liberties filed public interest litigation in the supreme court sub-committee concerns the probable environmental impact of bauxite mines in Lanjigarh, Orissa. Expert findings were received by the Ministry of Environment and Forests, which then made recommendations to the Supreme Court.
The subcommittee discovered “blatant infractions” of environmental standards, as well as serious concerns about the Niyamgiri mine’s impact on the ecosystem and the local tribal population. Mining in such an ecologically vulnerable location should not be permitted, according to the committee’s recommendation to the court.
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