After committing to invest ₹1.54-lakh crore in the country’s first-ever semiconductor and display glass plant in Gujarat, Vedanta Group Chairman Anil Agarwal expects televisions, laptops, automobiles, air-conditioner and smartphones to be available at half the price.
Describing seminconductor as the new ‘oil’ of our fast-moving digital economy, Agarwal said in a Linkedin post that a lot of people may already know what semiconductors are. “I like to think of them as the brain of our electronics. They are present everywhere – in your TVs, laptops, automobiles, ACs and your favourite smartphone. And soon, you will be able to afford them at half the price.”
Meanwhile, Vedanta has clarified that it will not enter into the manufacture of electronics goods, but will provide the key raw material such as semiconductor and display glass for making them.
‘A dream come true’
On Tuesday, Anil Agarwal-led Vedanta Group signed two agreements with the Gujarat government to set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit in Ahmedabad.
Vedanta will hold 60 per cent of the equity, with the joint venture partner, Foxconn, owning the rest. The semiconductor manufacturing plant will be set up in two years.
“I usually sleep like a baby on flight but this time, my eyes were wide awake. I was so nervous and excited that my dream was finally coming true. We have been working on this project for the last 10 years, and are finally one step closer to India’s own Silicon Valley,” he said.
By producing such technology in India, the doors will be opened for millions of indirect jobs. Start-ups and entrepreneurs can use these chips as raw materials to produce their electronics and bring down costs to make it affordable for every citizen of India, he said.
“I want nothing more to see our youth, especially our women and their talent shine through the right resources and infrastructure. This movement will soon take our Indians from job seekers to job creators,” he added.
This is India’s movement. India is the land of opportunity and all youngsters should shoot for the stars. Let us go from being chip takers to chip makers, he said.
Semiconductors and displays are critical for establishing India as an electronics hub, and will help attract suppliers and device assemblers to set up base in India. The Indian semiconductor market was valued at $27.2 billion in 2021 and is expected to grow at compounded annual growth rate of about 19 per cent to reach $64 billion by 2026. The Hindu BusinessLine