Vedanta & Foxconn join hands with STMicroelectronics to manufacture semiconductors in India
By MYBRANDBOOK
Foxconn and Vedanta are almost ready to welcome European chipmaker STMicroelectronics as a technical partner in their projected semiconductor chip manufacturing facility in India. In the joint venture, Foxconn will serve as the primary partner. The government is positive on Foxconn, which is committing big investments in India.
There were four more applicants seeking government incentives under a $10-billion package announced in December 2021 to promote domestic semiconductor manufacturing.
Partnering with a licence grade semiconductor technology maker with necessary experience in chip manufacturing is one of the prerequisites for project approval and grant of incentives. The government is committed to footing 50% of the project cost, along with other incentives.
In addition to this, the Centre has received five bids to set up semiconductor fabrication units. These include Next Orbit Ventures, which has partnered with Israel’s Tower Semiconductor (Tower has been acquired by Intel but the merger is awaiting regulatory approvals), as well as Singapore-based IGSS Ventures.
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