- The Indian natural resources conglomerate foresees major growth by twin technology ventures
NEW DELHI, July 11, 2023 /PRNewswire/ -- 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.
About Vedanta Limited
Vedanta Limited ("Vedanta"), a subsidiary of Vedanta Resources Limited (former FTSE 100 company headquartered in London) is a leading natural resources and technology company spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into Semiconductors and Display Glass. Vedanta has put in place a comprehensive framework to be the ESG leader in the sector, committing to net zero emissions by 2050 or sooner and spending $5 billion over next 10 years to accelerate this transition. Vedanta ranked 6th globally in S&P Global Corporate Sustainability Assessment 2022. More information at www.vedantalimited.com.
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