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Earlier today, Foxconn and Vedanta Resources signed a memorandum of understanding (MoU) with the Indian state Gujarat for the construction of semiconductor and display production plants. The agreement is valued at INR 1.54 lakh crore ($19.5 billion) and is marked as the largest investment project in any Indian state to date.
Vedanta-Foxconn group MoU signing ceremony event
It is estimated to create over 100,000 jobs near the city of Ahmedabad within two years. The move is expected to give India “seamless access” to chipset and display components. Vedanta Resources - the largest mining company in India is covering the setup of the display and chipset manufacturing plant sites while Foxconn will serve as the technical partner.
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