Vedanta inks pact with 20 Korean cos for e-hub

More than 50 firms have shown their interest in partnering with us and we are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain, said Akarsh K Hebbar, MD (semiconductor and display business), Vedanta

New Delhi: Indian conglomerate Vedanta Group on Monday said it has signed agreements with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India.

Vedanta was invited to a roadshow at the recently-concluded Korea Biz-Trade Show 2023 organised by Korean government-funded trade and investment promotion organisation KOTRA. “More than 50 companies have shown their interest in partnering with us and we are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain,” Vedanta’s semiconductor and display business Global Managing Director Akarsh K Hebbar said in a statement.

He presented the company’s plans to set up a display fab in India and invited prospective partners and customers to join Vedanta in establishing an electronics hub, supported by favourable government policies.

“Along with the Indian government, we showcased the immense investment opportunities that our country has to offer, supported by conducive policies, good talent and a robust innovation ecosystem,” Hebbar said.

He said that Vedanta’s greenfield display fab would be one of the anchors for this proposed hub, and offered help to any company willing to explore India as an investment destination. Vedanta Foxconn JV has applied for setting up a semiconductor manufacturing plant in Gujarat. Vedanta has also applied for setting up a display unit which can be used for making screens of mobile phone, television and other digital devices. In December 2022, Vedanta had received a similar invitation for a roadshow in Japan, which was attended by more than 200 delegates from around 100 companies.