The Vedanta Group, led by Anil Agarwal, will acquire 100 percent ownership of the semiconductor and display units from its sister company, Twin Star Technologies. This acquisition will make Vedanta the first company in India to have an integrated semiconductor and display fab business.
In a regulatory filing, Vedanta stated that the board of directors approved the acquisition of Vedanta Foxconn Semiconductors Private Limited (VFSPL) and Vedanta Displays Limited (VDL) from Twin Star Technologies Limited (TSTL) through share transfer at face value. The transaction is expected to be completed in the current quarter.
This restructuring adds semiconductors and display glass manufacturing to Vedanta Limited’s diverse portfolio. Anil Agarwal, the Chairman of Vedanta, expressed his vision of making India self-reliant in electronics and creating a Silicon Valley in the country. He aims to provide every Indian youth with affordable smartphones, laptops, and electric vehicles.
Vedanta believes that the semiconductor and display glass manufacturing sector offers significant growth opportunities in India. The semiconductor market is projected to reach $80 billion by 2026, up from $24 billion in 2022. Similarly, the display panel market is expected to grow from $7 billion to $15 billion by 2025. Currently, India imports all of its semiconductor and display glass requirements.
Akarsh Hebbar, Vedanta’s semiconductor and display business global MD, stated that the semiconductor and display fab are crucial for any electronics ecosystem and will lead to the creation of multiple ancillary industries and job opportunities.
Vedanta aims to produce made-in-India semiconductors and display glass to enable affordable electronics for all Indians. The company plans to invest approximately Rs. 1.5 lakh crore in setting up the plant, which is expected to generate revenue by 2027.
The CEO of Vedanta’s Semiconductor Business, David Reed, expressed his belief that India has all the necessary ingredients to become the world’s next semiconductor hub. The CEO of Vedanta’s Display Business, Y J Chen, added that India has the potential to become the fifth country in the world to manufacture display glass, which will significantly impact device affordability for consumers.
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Deepak Sen is a tech enthusiast who covers the latest technological innovations, from AI to consumer gadgets. His articles provide readers with a glimpse into the ever-evolving world of technology.
