New Delhi: Days after a $19.5 billion semiconductor joint venture fell through with Taiwan’s Foxconn, founder and chairman of Vedanta Anil Agarwal announced on Twitter Thursday that he was “100% committed to produce semiconductors and display glass in India”.
Agarwal said the oils-to-metals conglomerate had “lined up partners” for such a venture.
The Vedanta founder’s tweet read: “My vision is to fulfil the dreams of our young India aur issi chip mein chupi hai yuva bharat ke sapno ki chaabi.”
Agarwal said India was a land of opportunities with huge potential. “We need several ventures to help India become a semiconductor and display glass hub. We welcome Foxconn and the whole world to come and invest in this sector,” he added.
Vedanta had been in talks with Foxconn – the world’s largest contract electronics maker – for over a year to make 28 nm and 40 nm chips at Dholera, Gujarat.
Snapping ties, Foxconn clarified that they mutually agreed to part ways. “There was recognition from both sides that the project was not moving fast enough, there were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project,” Foxconn said.
Concerns about incentive approval delays by the government had contributed to Foxconn’s decision to pull out of the venture, Reuters quoted people in the know.
“New Delhi had also raised several questions on the cost estimates provided to request incentives from the government,” the report added.
Multiple reports stated that Foxconn is now planning to apply to the government to set up two plants on its own.
Questions were raised whether Foxconn’s withdrawal was a blow to the government’s chip-making plans since Prime Minister Narendra Modi has made it a top priority to produce them locally.
Agarwal seemed to rubbish these concerns in Thursday’s tweet. He thanked the “government for taking proactive steps towards realising the dream of atmanirbharta and electronics”. “This is what will help us become a developed country,” he added.
My vision is to fulfil the dreams of our young India aur issi chip mein chupi hai yuva bharat ke sapno ki chaabi..🇮🇳
We are 100% committed to produce semiconductors and display glass in India and have lined up partners for the same.
India is a land of opportunities with huge…
— Anil Agarwal (@AnilAgarwal_Ved) July 13, 2023
His upbeat message also said: “Yeh india ka time hai. Nobody can stop our country from building another silicon valley. This is a turning point for our country where, with speed and urgency, we will produce for India and the world.”