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Vedanta and Foxconn, jointly applying for India's INR760 billion semiconductor and display fabs incentive scheme, are eyeing an INR1.6 trillion investment in India's western state Maharashtra.
According to Hindu BusinessLine and Mint, Vedanta and Foxconn had met state officials from Maharashtra and proposed to invest an INR1.6 trillion in the state, including an INR1-trillion display fab, an INR630-billion foundry, and an INR38-billion semiconductor assembly and testing facility in Talegaon near Pune. The investment is expected to generate more than 200,000 direct and indirect jobs in the state. However, Foxconn told CNA that the investment is still under discussion.
Eknath Shinde, chief minister of Maharashtra, said they had planned 10,000 acres of land in Pune for hi-tech electronics manufacturing, and Vedanta and Foxconn can play a pivot role as the anchor investor in creating the next Silicon Valley.
India announced the semiconductor and display fabs incentive scheme in December 2021 and disclosed the applicants' list in February, with ISMS expected to invest in Karnataka and IGSS in Tamil Nadu. Besides, Vedanta has applied for the display fab investment incentive and may set up a factory manufacturing 8.6G TFT LCDs.