New Delhi: Vedanta Group has its headquarters in London. It has reorganised the semiconductor and display glass companies previously owned by Twin Star Technologies (TSTL) and moved them under its publicly traded Indian firm. Following the restructuring, these businesses will be housed by mining giant Vedanta (VEDL), a Vedanta Resources (VRL) division, headquartered in London.
Due to VEDL’s acquisition of TSTL’s whole share in Vedanta Foxconn semiconductors and Vedanta Displays has transferred these businesses to VEDL. According to the statement, the VEDL board of directors approved the acquisition of the two companies’ shares at face value on Friday.
“Vedanta is committed to making India self-reliant in electronics. This is the beginning of creating a Silicon Valley in India, a cutting-edge and world class electronics ecosystem. My dream is for every Indian youth to have an affordable smartphone, laptop and an electric vehicle (EV),” Vedanta chairman Anil Agarwal said.
There have been rumours that Foxconn, a Taiwanese contract manufacturing company, is looking for a new partner for its semiconductor business in India after having trouble with its joint venture with Vedanta Group.
According to EDL, its dual businesses will provide the government’s effort to make electronics aatmaNirbhar Bharat more momentum. “I think India has a chance to become the next global semiconductor centre.” According to David Reed, CEO of Vedanta’s Semiconductor Business, it has all the necessary components for success.
Through its subsidiary Avanstrate, VEDL is already active in the liquid crystal display (LCD) glass substrate market. The business and the Gujarat government had also inked a Memorandum of Understanding in September 2022 to establish the semiconductor and display fabs in the state.
By 2026, the Indian semiconductor market, worth $24 billion in 2022, is expected to be worth $80 billion. The need for display panels is now valued at $7 billion and is predicted to reach $15 billion by 2025.