Vedanta and Foxconn sign an MOU with the Gujarati government to establish a semiconductor plant there

Tuesday saw the signing of a Memorandum of Understanding with the Gujarat government for the establishment of a semiconductor and display FAB manufacturing facility by the Indian conglomerate Vedanta and the world's largest producer of electronics, Foxconn.

At a gathering held in Gandhinagar, the MoU was signed in the presence of Ashwini Vaishnaw, Minister for Railways, Communications, Electronics & Information Technology.

According to Gujarat Chief Minister Bhupendra Patel, both businesses will invest Rs 1,54,0 crore to build the facility in Gujarat, which would lead to the creation of a million new jobs.

Patel added that his government will work with others to build the facility and ensure its success.