Last Updated: February 21, 2023, 10:37 IST
Gujarat bagged the large 1.54 lakh crore funding from Vedanta and Foxconn (Image: Vedanta, Foxconn)
Vedanta-Foxconn have chosen the Dholera Special Investment Region in Gujarat for his or her new semiconductor and show manufacturing facility.
Ahmedabad, Feb 20: A three way partnership of Indian conglomerate Vedanta and electronics manufacturing big Foxconn has finalised the Dholera Special Investment Region close to Ahmedabad metropolis of Gujarat for organising their semiconductor and show manufacturing facility, a senior state authorities official mentioned on Monday.
In the most important ever company funding within the historical past of unbiased India, a three way partnership of Vedanta and Foxconn in September final 12 months signed a Memorandum of Understanding (MoU) with the Gujarat authorities to take a position Rs 1,54,000 crore to arrange the plant within the state. This would be the first manufacturing facility for semiconductors in India.
At that point, the three way partnership firm had not disclosed the precise location of the ability.
“After a detailed site analysis in consultation with Gujarat government authorities, the joint venture entity of Vedanta and Foxconn has selected Dholera SIR for setting up their semiconductor and display manufacturing facility. The project is in the advanced stage of evaluation by the government of India,” the official mentioned.
The MoU was signed in September final 12 months in Gandhinagar within the presence of Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw.
Both the businesses would make investments Rs 1,54,000 crore to arrange the ability in Gujarat, which might create one lakh job alternatives, Gujarat Chief Minister Bhupendra Patel had mentioned on the event. Patel had additionally mentioned his authorities will present cooperation to arrange the ability and to make it a hit.
Notably, Prime Minister Narendra Modi, whereas addressing a ballot rally in Bhavnagar in November forward of the Assembly polls, had given clear indication that the mega semiconductor plant will come up at Dholera SIR, almost 100 km from Ahmedabad.
This mission is prone to get large subsidies and incentives, like zero stamp obligation on land buy and subsidised water and electrical energy, beneath the ‘Gujarat Semiconductor Policy 2022-27’ introduced by the state authorities in July final 12 months.
Gujarat grew to become the primary state within the nation to have such a devoted coverage for the semiconductor and show fabrication sector, a authorities official earlier mentioned.
Under this coverage, eligible tasks will probably be given 75 per cent subsidy on the acquisition of the primary 200 acres of land for organising manufacturing items. The eligible tasks will probably be offered good high quality water on the price of Rs 12 per cubic metre for the primary 5 years.
To encourage traders beneath the coverage, the state authorities has additionally introduced to reimburse 100 per cent of stamp obligation which traders would pay for the primary time for taking land on lease, sale or on land switch.
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(This story has not been edited by News18 employees and is revealed from a syndicated information company feed)
