Auto companies will soon get domestic semiconductors, with Vedanta joining Foxconn.

Vedanta and Foxconn: The auto companies and the consumer electronics industry, which are facing a shortage of semiconductors, are soon to find relief. Vedanta, one of India’s leading multinationals, and Hon High Technology Group (Foxconn), the world’s largest electronics maker, have jointly signed a MoU to manufacture semiconductors in India. Vedanta is in talks with several states to set up production facilities. The most important thing in this agreement is that Vedanta will have more participation in this joint venture.

Vedanta will start a new business

The first such joint venture between the two companies would further the dream of Indian Prime Minister Narendra Modi to create an ecosystem for the production of semiconductors in India. Vedanta chairman Anil Agarwal will be the chairman of the joint venture company.

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Let us know that an incentive project for the production of semiconductors has recently been announced. Under this project, the government will pay 50 percent of the project cost. An incentive of Rs 1,000 crore has been announced for semiconductor production.

Expert opinion on new business of Vedanta

Market expert Abinash says the semiconductor plan is a big step for India. Experts believe that Vedanta will get a good response after this step. Experts say that in the next 2-3 years, Vedanta will see the benefits of this initiative.