Vedanta, Foxconn to Invest $19.5 Billion in India’s Gujarat for Chip, Display Project
By Munsif Vengattil and Aditya Kalra
NEW DELHI -Vedanta Ltd and Taiwan’s Foxconn will invest $19.5 billion under pacts signed on Tuesday to set up semiconductor and display production plants in Gujarat, the home state of Indian Prime Minister Narendra Modi.
Reuters was first to report on Monday that the joint venture obtained subsidies including on capital expenditure and electricity from Gujarat to set up units near the western state’s largest city, Ahmedabad.
The showpiece investment of 1.54 trillion rupees, which Gujarat said was the largest ever by any group in an Indian state, comes ahead of key local elections in the state where Modi’s ruling group is facing a tough challenge from opposition parties….