New Delhi, Sept 13 (KNN) Vedanta-Foxconn Group has signed an agreement with the Gujarat government to manufacture semiconductor and display fab. 

Prime Minister Narendra Modi said on Tuesday that the investment will create a significant impact to boost economy and jobs while also help in creating a huge ecosystem for ancillary industries and thereby helping MSMEs.

The MoU signed by both the parties marks I investment worth Rs 1.54 lakh crore. 

Sharing a tweet by Chief Minister of Gujarat, Bhupendra Patel, PM tweeted, “This MoU is an important step accelerating India’s semi-conductor manufacturing ambitions. The investment of Rs 1.54 lakh crore will create a significant impact to boost economy and jobs. This will also create a huge ecosystem for ancillary industries and help our MSMEs.”

It was reported in February that Foxconn and Vedanta have signed a MOU to manufacture semiconductors in India. 

This first-of-its-kind joint venture between the two companies will support the Prime Minister’s vision to create an ecosystem for semiconductor manufacturing in India.  (KNN Bureau)