Foxconn and Vedanta to invest $19.5bn to build ICs and displays in India

Author: EIS Release Date: Sep 23, 2022

Foxconn and mining company Vedanta are to invest $19.5 billion in manufacturing facilities for chips and displays in India.

 

$11.95 billion will go into the display facility and $7.58 billion into building the fab.

 

Foxconn is responsible for providing the technology and Vedanta, which wants to diversify away from mining, will provide the capital.

 

The companies say their intention is to start running wafers in two years time which is a tight schedule. Normally the industry takes two and a half years from starting to build a fab shell to first wafers out.

 

A site has yet to be found but it will be in Gujarat – the home state of India PM Narendra Modi.

 

India has said it will spend $30 billion to attract chip companies to India.

 

Previously a jv called ISMC formed by NextOrbit Ventures of Abu Dhabi and  Intel subsidiary Tower Semiconductor said it would take advantage of government subsidies to build a $3 billion 65nm analogue fab in Karnataka, India.