Vedanta says awaiting govt nod for semiconductor plant

Vedanta is awaiting government approval for incentives under a modified semiconductor production plan to begin construction of a plant in Gujarat, for which its has tapped technology and equity partners, a top executive said on Tuesday.

The metals-to-oil conglomerate has engaged with more than 100 global suppliers and ancillary industries which will form a key part of the semiconductor and display ecosystem, Akarsh Hebbar, global managing director at Vedanta Semiconductors and Display, said in a statement.

The group already has a partnership with Taiwan's Innolux for display fab manufacturing, he added.

Vedanta group Chairman Anil Agarwal had said last week that the company will enter the market for the manufacturing of chips and displays this year, days after its joint-venture partner, Taiwan's Foxconn, pulled out of a $19.5 billion chipmaking project.

After Foxconn pulled out, Vedanta said it had lined up partners for the venture, without giving details.

Reuters ha reported that deadlocked talks on finalising European chipmaker STMicroelectronics as a tech partner and delayed incentive approvals were among reasons for Foxconn's pullout.

Separately, Gujarat is holding talks with Foxconn over a semiconductor plant, while the Taiwanese company had said it intends to apply for incentives under India's semiconductor production plan.