The proposed electronics ecosystem will have the potential to magnetize more than 150 firms and generate around 1,00,000 indirect and direct employment
India’s global business magnate Vedanta has signed a deal with 20 Korean firms who are from the display glass industry. According to media reports, this MoU is an effort to boost India’s electronics manufacturing cluster and make it globally competitive. At the Korea Biz-Trade Show 2023, the MoU was signed and during the event, Vedanta also showcased its plan of beginning display and semiconductor manufacturing in the country and for which the company has formed an alliance with Foxconn and applied for the government's incentive scheme. But, due to lack of the production grade technology, the application is yet to be approved by the government.
According to a report of Business Today, Akarsh K. Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display business, "More than 50 companies have shown their interest in partnering with us and we are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain. Along with the Indian Government, we showcased the immense investment opportunities that our country has to offer, supported by conducive policies, good talent, and a robust innovation ecosystem."
Hebbar also spoke to Korea's business leaders in detail about the volume and scale of the expected electronics ecosystem center. He mentioned that the proposed electronics ecosystem will have the potential to magnetize more than 150 firms and generate around 1,00,000 indirect and direct employment. Vedanta’s greenfield display fab is going to gain huge traction and would retain the top spot for the proposed ecosystem. Vedanta is willing to assist any firms who are willing to develop India’s electronics industry.
Speaking to the media, Vedanta also added that the company is looking forward to manufacturing innovative, high-quality, and cutting-edge semiconductors and displays in the coming few years. At the India Today Conclave 2023, Vedanta's chairman Anil Agarwal stated that his firm has signed an agreement with 100 Japanese companies, who will assist him to develop India's electronics industry. Vedanta is also looking forward to associate with around 700-800 companies.