Vedanta group and Foxconn will jointly invest in a semiconductor and display manufacturing unit at Talegaon, near Pune on a 1,000-acre parcel of land.

According to a State government press release, the joint venture will invest ₹1-lakh crore in display fabrication, ₹63,000 crore in semiconductors, and ₹3,800 crore in semiconductor assembly and testing facilities.

A delegation, comprising Vedanta andFoxconn representatives, met Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis in Mumbai regarding the project.Shinde assured the delegation that the State government will fully cooperate and support the project. He said that the investment will give a major boost to the State’s income and also generate employment.

In February this year, a team from Vedanta visited Pune to survey the feasibility of setting up the electronic chip plant. Vedanta Group firms had applied to set up the semiconductor and display manufacturing units under the government’s Production Linked Incentive scheme.

In order to widen and deepen electronic manufacturing and ensure the development of a robust and sustainable semiconductor and display ecosystem in the country, the Union Cabinet approved the Semicon India Programme with an outlay of ₹76,000 crore in December 2021.

. The Indian semiconductor market is estimated to grow over four-fold to $ 63 billion by 2026.

The Semicon India Programme, has received five applications for semiconductor and display fabs with a total investment to the tune of $20.5 billion (₹153,750 crore). Vedanta-Foxconn; IGSS ventures pte, Singapore; and ISMC were among the first to submit applications for projects under the scheme.