PR99201

TOKYO, Dec. 14, 2022 /PRNewswire=KYODO JBN/ --

-  New global thrust to India's Semiconductor & Display Glass mission

    Vedanta Group has signed Memoranda of Understanding with 30 Japanese

companies for development of India's semiconductor and glass display

manufacturing ecosystem. These were signed at the Vedanta-Avanstrate Business

Partners Summit 2022 held last week at Tokyo, Japan and attended by more than

200 delegates from over 100 global companies.

    Earlier this year, Vedanta-Foxconn announced setting up semiconductor and

glass fab units in India's Gujarat state. The project envisaging total

investment of USD 20 Bn with employment potential of over 100,000 people aims

to provide affordable electronics for Indians and is attracting global players

across the value chain.

    The conference witnessed the unveiling of a comprehensive manufacturing

plan by Mr. Akarsh K. Hebbar, Global MD, Display and Semiconductor Business,

Vedanta along with Dr. Alan Tsai, CEO, Avanstrate Inc. and Mr. Pranav Komerwar,

India Head, Electronics Business. Sharing the Group's vision, Mr. Hebbar said,

"We are committed to making India a hub for electronics manufacturing. Vedanta

is focussed on taking the lead in creating the electronics industry ecosystem.

This comprehensive plan has potential to generate business opportunities of

over $40 Bn for our partners in the coming years."

    The event had representatives from Indian Embassy at Japan and Gujarat

Government led by Mr. Vijay Nehra, Director Technology Mission, Gujarat, who

said, "Dholera region in Gujarat shall be developed along the lines of global

science parks. With Vedanta acting as an anchor unit, the region will be

developed for 1000+ MSMEs to create a sustainable economic environment for

hi-tech SCM."

    Global markets rely heavily on the supply of semiconductors on a handful of

countries. Aiming to mitigate supply risks and make India self-reliant, the

Government of India has formulated the strategy to incentivize manufacturing of

critical semiconductors and high-end tech manufacturing in India.

    Vedanta Group ("Vedanta") is a globally diversified natural resources and

technology conglomerate.

    AvanStrate Inc., a Vedanta subsidiary and global technology company

headquartered in Tokyo with operations in Korea and Taiwan; specializes in LCD

glass substrates used in TVs, computers, mobile phone screens and other display

devices.

    Photo:

https://mma.prnewswire.com/media/1967610/Vedanta_Avanstrate_Summit.jpg

    Source: Vedanta Group