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Vedanta Adds Semiconductors and Display Glass Ventures to its Portfolio
July 13, 2023 | PRNewswireEstimated reading time: 1 minute
Vedanta Limited, India's leading natural resources and technology conglomerate announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio, by acquiring two special purpose vehicles at face value from Twin Star Private Limited, a company associated with the holding company of Vedanta Ltd's promoters.
The global semiconductor market of $574 bn is expected to reach $1.4tn by 2030 and the global display market is expected to grow from present $158 bn to $188 bn by 2028. India is in a sweet spot to capitalize as the world looks to diversify critical supply chains in semiconductors and display fab away from China and Taiwan.
David Reed, CEO of Vedanta's Semiconductor Business, said, "I believe that India can become the next semiconductor hub for the world. It has all the ingredients for success."
Vedanta Chairman, Anil Agarwal said, "Vedanta is committed to making India self-reliant in electronics. This is the beginning of the creation of a Silicon Valley in India, a cutting edge and world class electronics ecosystem."
Y.J. Chen, CEO of Display Business, said, "This is India's time to become only the 5th country in the world to manufacture display glass. The impact on consumers in terms of affordability of devices will be huge."
Earlier, in Sep 2022, the two businesses had signed Memorandums of Understanding to set up the semiconductor and display fabs in the western Indian state of Gujarat.
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