Indian oil-to-metals conglomerate Vedanta and global manufacturing giant Foxconn have signed a memorandum of understanding with the Indian state of Gujarat to set up a $20 billion semiconductor unit in the coastal state.
Top officials says Foxconn will bring technical expertise to the venture whereas Vedanta, which has a background in mining, will finance the project.
Chief Minister Bhupendrabhai Patel says every state government department will also provide all possible assistance to make this project successful.
Ashwini Vaishnaw, India’s IT Minister, says electronics manufacturing in India has already generated around 25 lakh jobs.