The Vedanta Group has signed memoranda of understanding (MoUs) with 20 Korean companies in the display glass industry to develop an electronics manufacturing hub in India. The hub, which will be built with the support of the Indian government, has the potential to create over 100,000 direct and indirect jobs.
The MoUs were signed at the ‘Korea Biz-Trade Show 2023’ event, where Akarsh K. Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display business, spoke about the investment opportunity for Korean companies.
The electronics hub will be anchored by Vedanta’s greenfield display fab, which is being built in Gujarat, India, in collaboration with Foxconn. The proposed ecosystem hub has the potential to attract more than 150 companies, making it a key destination for global players across the electronics value chain.
India’s Ambassador to South Korea, Amit Kumar, highlighted the significant growth potential of the Indian electronics industry, which is expected to reach $300 billion by 2026, driven by robust domestic demand and government incentives.
The recent roadshow organised by KOTRA and Korea’s Ministry of Trade, Industry, and Energy provided an opportunity for Vedanta to showcase the investment-friendly policies, talented workforce, and robust innovation ecosystem in India.
Akarsh K. Hebbar invited prospective partners and customers to join Vedanta in establishing the electronics hub, supported by favourable government policies. Last year, Vedanta had received a similar invitation for a roadshow in Japan, which concluded with the company signing MoUs with 30 Japanese firms.
“The proposed electronics ecosystem hub has the potential to attract more than 150 companies and create upwards of 1,00,000 direct and indirect jobs. Vedanta’s greenfield display fab would be one of the anchors for this proposed hub,” added Hebbar.
The proposed hub for the electronics industry will be one of the key beneficiaries of this joint venture, attracting global players across the value chain and contributing to India’s goal of becoming a leading player in the global electronics market.
Vedanta-Foxconn Joint Venture to Boost India’s Electronics Industry
Vedanta and Foxconn signed a Memorandum of Understanding (MoU) with the Gujarat government last year to invest Rs 1,54,000 crore to set up the semiconductor and display manufacturing plant in Gujarat, India, which is the country’s first.
The project aims to provide affordable electronics to Indians and create over 100,000 direct and indirect jobs. The proposed hub for the electronics industry will be one of the key beneficiaries of this joint venture, attracting global players across the value chain and contributing to India’s goal of becoming a leading player in the global electronics market.
“Vedanta is establishing India’s first display fab in Gujarat. This will be the nucleus that will attract upstream and downstream players. Given the investment-friendly policies of the Indian government, there is a huge opportunity for Korean companies to invest in this electronics hub,” said Akarsh K. Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display business.
The partnership between Vedanta and the 20 Korean firms is a significant step towards establishing a robust electronics manufacturing ecosystem in India, with the potential to attract more than 150 companies and create several thousands of direct and indirect jobs.
With the Indian government’s investment-friendly policies, a strong talent pool, and a thriving innovation ecosystem, the country is well-positioned to become a global hub for electronics manufacturing. The joint efforts of Vedanta and the Korean firms will not only strengthen the bilateral trade relationship between the two countries but also contribute to the growth and development of the Indian electronics industry.