New Delhi. Oil and mining giant Indian company Vedanta and the world’s largest contract manufacturer Foxconn have formed a joint venture (JV). Foxconn makes the iPhone for Apple. Now this company will make semiconductors in JV with Vedanta.
The Government of India is encouraging manufacturing of semiconductors in India with the Make in India initiative. Under this plan, Foxconn and Vedanta will now make semiconductors in India. Vedanta will hold the majority stake in the new JV. Two parties aware of the matter said on Monday that Vedanta Chairman Anil Agarwal will also be the chairman of the new JV.
Also read- Want to buy electric vehicle, know how much subsidy will be available in which state, how will be able to avail benefits
Plants will start in the country
Vedanta and Foxconn Group said in a statement, “It will be the first company to support PM Narendra Modi’s vision of manufacturing semiconductors in the country.” However, it is not yet finalized where the semiconductor plant will be installed. Some state governments are in talks with the company, after that a decision will be taken to set up the plant. Vedanta Group has a presence in the electronics and technology business. Avanstrate Inc. and Sterlite Technology are its companies.
Also read- Bumper offers are available on many cars including Maruti Alto, Swift, Brezza, see how many discounts you will get
Auto industry getting affected
In the Economic Survey report released before the budget, it was told that the shortage of supply in the semiconductor industry has affected more than 169 industries. Manufacturing of semiconductors requires a huge amount of capital and takes an average of 6-9 months to build. Apart from this, it has a very long production period of around 18-20 weeks. Therefore, any disruption in the supply chain will be a costly process.
Tags: Apple, Auto News, business news, Car Bike News
Read Article in हिन्दी