Following the government’s decision to once again accept applications for semiconductor production plants, the Vedanta-Foxconn joint venture has resubmitted its request to establish an electronic chip manufacturing facility.
According to a report from PTI and other media agencies, the corporation verified the news. According to prior reports, the government could refuse funds to the Vedanta–Foxconn joint venture because it requested incentives for the 28-nanometer semiconductor market.
According to PTI, Vedanta Foxconn Semiconductor Ltd. stated in a statement, “We filed the application in accordance with the updated rules. We are dedicated to developing a world-class fab in India.”
The facility would be built with an estimated cost of Rs. 1.5 lakh crore and start generating income by 2027, the business has previously declared. The application has been re-filed by the business under the amended semiconductor programme.
The fiscal assistance for the establishment of semiconductor factories in India under the new programme has been increased to 50% of the project cost, regardless of node size, including mature nodes. Similar to that, a 50% tax credit is provided for building Display Fabs in the nation that use particular technology.
Prior to now, the programme provided authorized units with financial support equal to 30% of capital expenses for the establishment of semiconductor assembly test marking and packaging (ATMP), silicon photonics, sensor fabs, and compound semiconductors facilities in India.
David Reed, the company’s CEO, has previously announced their aim to produce wafers with a 28-nanometer and 40-nanometer pore size. In the first half of 2027, manufacturing is expected to start with 5,000 wafers, with plans to increase the monthly production capacity to 40,000 wafers.
The new application relies on 40-nanometer (nm) node technology, according to a Business Today report. Vedanta first requested the 28 nm node last year. However, the joint venture is presently interested in developing both the 28 nm and 40 nm nodes with the addition of technological partner Vedanta-Foxconn Semiconductor.
Foxconn, the JV partner, is reportedly looking for a new partner for its semiconductor division, according to a previous report. Vedanta owned a 67% share in the joint venture at the time of its formation with the intention of constructing a semiconductor manufacturing facility in Dholera, Gujarat. According to the article, Foxconn was preferred by the Ministry of Electronics and Information Technology (MeitY) to serve as the joint venture’s CEO.
READ ALSO – Google Appeals To The Supreme Court To Contest A ₹1,338 Crore Antitrust Fine
In a crucial milestone in the Google antitrust case, the internet giant has appealed the National corporation Law Appellate Tribunal’s (NCLAT) decision upholding the ₹1,338 crore antitrust fine against the corporation to the Supreme Court (SC).
