Vedanta Group Foxconn in talks with Maharashtra Government to invest Rs 1.6 lakh cr

Together, Vedanta and Foxconn met Maharashtra Chief Minister Eknath Shinde and DCM, Devendra Fadnavis for their proposed investment in semiconductors and display fabs manufacturing facility. The amount of the investment will be approximately Rs 1.6 lakh crore under the Aatma-Nirbhar Bharat initiative.

The company is in active discussion with the Maharashtra government for their proposed manufacturing facility for semiconductors and display fabs.

Talegaon in Pune has become a prominent option for Vedanta and Foxconn’s investment due to high concentration of skilled manpower, connectivity to the port, seamless domestic supply-chain and highly developed industrial infrastructure

Vedanta along with its partner Foxconn can generate more than 200,000 direct and indirect jobs.

The Vedanta team, headed by Akarsh K Hebbar, Global MD of Vedanta’s display and semiconductors business arm, Avanstrate, accompanied by Foxconn Chairman’s office team met Maharashtra Chief Minister Eknath Shinde and Deputy CM Devendra Fadnavis to discuss their proposed investment.

Expressing confidence, Shinde said, “Maharashtra has planned a 10,000 acre hi-tech electronics manufacturing ecosystem in Pune. For this, Vedanta, along with Foxconn can play a pivotal role as the anchor investor in creating the next Silicon Valley. It is a win-win scenario as Maharashtra has the required skilled manpower and industrial & logistical infrastructure suited for a project of this scale. This project will anchor a high-quality manufacturing ecosystem and act as a catalyst in Maharashtra’s growth story."

Apart from the policies and schemes of the Central Government, Maharashtra also has made provisions for attractive incentives which has helped the state build a strong electronics ecosystem. Maharashtra was the first state in India to implement an Electronics & Fabrication policy, in 2016.

Fadnavis said, “Vedanta’s proposed investment in Talegaon, Pune is a tribute to Hon. Prime Minister’s vision of Aatma-nirbhar Bharat. We believe Maharashtra is the natural choice for Vedanta and Foxconn’s semiconductor manufacturing operations and the state government is thankful to the Prime Minister and the Government of India for their support. We are committed to realizing the $5 Trillion goal for India and a trillion-dollar economy for Maharashtra."

The meeting was also attended by Chief Secretary, Manu Kumar Shrivastav, ACS to CM, Bhushan Gagrani, ACS Industries, Baldev Singh, CEO, MIDC, Dr P Anbalagan, DC Industries, Dr Harshdeep Kamble, and Secy to DCM, Dr Srikar Pardeshi.