The Vedanta Group has signed memorandum of understanding with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India.
Vedanta was invited to the recently-concluded Korea Biz-Trade Show 2023 event, organised by KOTRA — the state-funded trade and investment promotion organisation operated by the Government of South Korea — in collaboration with Korea’s Ministry of Trade, Industry and Energy.
‘Plenty to offer’
Akarsh K Hebbar, Global Managing Director, Vedanta, made a presentation on the company’s plan to set up a semiconductor and display business in India and invited prospective partners to join Vedanta in establishing an electronics hub, supported by favourable government policies.
“Over 50 companies have shown interest in partnering with Vedanta and 20 Korean companies engaged in the electronics manufacturing value chain have signed MoUs,” he added.
“Along with the government, we showcased the immense investment opportunities that our country has to offer, supported by conducive policies, good talent and a robust innovation ecosystem,” said Hebbar.
The hub had the potential to attract over 150 companies and create upwards of 100,000 direct and indirect jobs. He said 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.
The Indian electronics industry is one of the fastest sectors in the country and is expected to reach $300 billion by 2026, driven by robust domestic demand, government incentives and increasing consumer spending power. It is a lucrative opportunity for Korean companies, known for their technology prowess and innovation, to tap into a vast and growing Indian market.
Manish Naik, Assistant Director, ICT and e-Goverance, Department of Science and Technology, Government of Gujarat, showcased infrastructure facilities being offered at Dholera SIR, the country’s first industrial greenfield smart city and outlined government incentives on offer for Korean companies.
Last December, Vedanta had received a similar invitation for a roadshow in Japan, which was attended by over 200 delegates from about 100 companies. That roadshow concluded with Vedanta signing MoUs with 30 Japanese firms. Vedanta Group company Avanstrate Inc. is a pioneering leader in the display glass industry with manufacturing footprint in Korea and Taiwan.