Ho looks forward to Gujarat enhancing infra required for semiconductor project
Taiwan’s Foxconn Semiconductor Group’s Rs.1.54 lakh crore semiconductor manufacturing fab unit in Ahmedabad will operate on the 28nm technology nodes and the display manufacturing unit will produce Generation 8 displays catering to small, medium and large applications.
Hon Hai Technology Group (Foxconn) (TWSE:2317), the world’s largest electronics manufacturer, is a 40% partner in a joint venture that will build and operate the plant in the Indian semiconductor market projected to reach US$64 billion by 2026, growing at a CAGR of 19% from an estimated industry value of US$27.2 billion in 2021.
India’s Vedanta Group, which has a presence in electronics and technology business through Avanstrate Inc and Sterlite Technologies, is 60% partner in the JV.
Vedanta has signed a memorandum of understanding on 13 Sept 2022 with Gujarat Government to set up the plant over the next two years.
The project will attract electronics ecosystem players across the value chain entailing manufacturers of highly sophisticated and sensitive equipment, materials (high purity Gases, chemicals, wafers, photomasks), equipment service providers etc., and will put the state of Gujarat on the global silicon map.
“The improving infrastructure and the government’s active and strong support increases confidence in setting up a semiconductor factory,” said Brian Ho, VP, Foxconn Semiconductor Group.
“We look forward to working with our partners and the Gujarat leadership to further enhance the infrastructure required to cater to the ambitious semiconductor project”.
Ho noted the Indian Government’s efforts to attract semiconductor development.
The decision to set up the plant in Gujarat comes after Vedanta and Foxconn announced in February an Indian joint venture company.
Speaking at the MoU signing ceremony, Gujarat Chief Minister Bhupendrabhai Patel assured, “We will provide all help to the joint venture so that the plant can start its operations soon.
“We are determined to make our country more self-sufficient in tech and curb our reliance on imports from other countries. We sincerely hope that the hub will be the beginning of a bright future and attract investment from other multinational companies down the line.”
Prime Minister Narendra Modi has congratulated the partners and MoU with the Gujarat Government to set up a semiconductor fab unit, a display fab unit and a semiconductor assembling and testing unit in Ahmedabad. fiinews.com
