Reuters reveals Vedanta, Foxconn pick Modi’s home state for $20 bln projecton September 12, 2022 at 3:31 pm

Reuters was first to report yesterday that a joint venture between India’s Vedanta and Taiwan’s Foxconn has selected Indian Prime Minister Narendra Modi’s home state of Gujarat for its semiconductor project, the first major step in its $20 billion plan. Vedanta obtained financial and non-financial subsidies including on capital expenditure and cheap electricity from Gujarat to build the semiconductor plants, boosting India’s ambitions of establishing itself as a semiconductor hub. The news was confirmed Tuesday when the companies signed an agreement with the state government, announcing their planned investment and creation of more than 100,000 jobs.

The post Reuters reveals Vedanta, Foxconn pick Modi’s home state for $20 bln project appeared first on Reuters News Agency.

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