Semiconductor fab of Vedanta-Foxconn to generate sales by 2027

Vedanta-Foxconn Semiconductors, a joint venture between the Vedanta group and contract manufacturer Foxconn, wants to start generating revenue from its semiconductor fabrication unit in India from 2027, said new CEO David Reed and Akarsh Hebbar, managing director of Vedanta’s semiconductor and global display business. Construction of the plant is slated to begin by the end of the current fiscal year.

Why it’s important: The Indian government is providing massive incentives to companies manufacturing semiconductor chips in hopes that India will become a global hub. The Vedanta-Foxconn venture is taking advantage of that. Moneycontrol