Vedanta to create hub to manufacture iPhones in India

Vedanta Ltd will look at creating a hub to manufacture Apple’s iPhones and TV equipment, along with possibly diving into the electric vehicle sector, Chairman Anil Agarwal said in an interview with CNBC TV18 on Wednesday.

Vedanta on Tuesday announced a $19.5 billion investment with Taiwan’s Foxconn to set up semiconductor and display production plants in Gujarat.

The company will create a hub in the western Indian state of Maharashtra to manufacture iPhones and other television equipment, Agarwal said in the interview, adding that this would be “kind of forward integration for the Gujarat JV plant”.

The oil-to-metals conglomerate could also look at the electric vehicle (EV) sector, Agarwal added.

Rolling out EVs is central to Prime Minister Narendra Modi’s carbon reduction agenda. By 2030, India wants electric models to account for 30% of total car sales.

Vedanta shares rose as much as 8% to their highest since June 10. Reuters