Foxconn and Vedanta have agreed to form a joint venture in Gujarat to build semiconductor and display factories

Foxconn and Vedanta Resources have just inked an MoU with the Indian state of Gujarat to build semiconductor and display manufacturing facilities. To date, this agreement is the largest investment initiative in any Indian state, with a value of INR 1.54 lakh crore ($19.5 billion).

It is anticipated that over 100,000 new jobs will be created within two years in the area surrounding Ahmedabad. It is hoped that this will provide India with “seamless access” to display and chipset components. Foxconn will be the technical partner, while Vedanta Resources, India’s largest mining corporation, will pay for the construction of the facilities where the displays and chipsets will be produced.