Vedanta India Will Invest $4 Billion to Build a New Nanel Factory
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Update time : 2023-07-03 10:32:25
According to the Economic Daily, India's Vedanta Group, which has set up a chip factory in a joint venture with Hon Hai Group, plans to spend $4 billion on a new panel factory in western India, and will recruit troops in Taiwan, South Korea and India, in response to Prime Minister Modi's plan to build India into a science and technology powerhouse.
Chen was previously Executive Vice President of Chinese display manufacturer Huike and is currently the new CEO of Vedanta Group's display business. Chen said Vedanta's display business will soon recruit people from South Korea, Japan and elsewhere to set up an LCD panel factory in India, creating up to 3,500 jobs. Chen Youren, who has 23 years of experience in the panel industry, said in an interview in Mumbai, the financial center of India: We need a lot of technicians, very talented people, and manpower is the biggest challenge. Despite its heavy debt burden, Vedanta, a metals and mining group founded by Indian billionaire Anil Agarwal, continues to expand into electronic components to hitchhike the country's quest to become a tech manufacturing powerhouse. Vedanta Group's display business, independent of the troubled chip joint venture; Since the technical requirements of the display business are low, it is expected that an easy way to succeed will be found. Vedanta, which has partnered with Innolux, a subsidiary of Hon Hai Group, in its display business, plans to manufacture glass and assemble liquid crystal panels at the new facility. Chen said that with key financial assistance from the Modi government, the plant is expected to be put into operation by the end of 2025. Modi has pledged to spend $10 billion to absorb half of the cost of setting up a factory for semiconductor and display manufacturers to attract companies to set up factories. Although Vedanta's chip plan has not yet received government support, the display business has a higher chance of obtaining incentives from the authorities because key technology partners are in place. Vedanta also owns Anhan Vision, a Japanese-based company that manufactures glass substrates for LCD panels.
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