Vedanta yet to submit application for chip unit, find partner
Vedanta Group's application for semiconductor manufacturing has become invalid after exit of Taiwanese electronics manufacturing major Foxconn and the company is yet to submit a fresh application, an official source said. According to the source, Vedanta has not shared any information about a new technology partner that it needs to rope in for semiconductor manufacturing.
«Vedanta needs to re-apply for semiconductor manufacturing. Meity (Ministry of Electronics and IT) has no information about their new technology partner,» the official source said.
Vedanta had re-applied under a modified semiconductor plan with Foxconn as joint venture partner.Hon Hai Technology Group, also known as Foxconn, earlier this month pulled out of the joint venture with Vedanta's USD 19.5 billion chip project and said it intends to apply for incentives under the government's semiconductor production plan. After Foxconn's pull out, Vedanta said it has lined up partners and will begin a foray into chip-making this year.
Vedanta Semiconductors and Display Global MD Akarsh K Hebbar had said that the company has partnership with Innolux for the display fab and is waiting for government's nod to its application. When contacted about company's semiconductor project, Hebbar said, «Substantial progress has happened to tie up technology and equity partners in semiconductors and we will make an announcement soon.»
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