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Bond Market News
Vedanta To Invest $20bn In Semiconductor Biz In India
February 22, 2022
Vedanta said that it has earmarked $15bn as part of its entry into the electronic chip and display manufacturing space alongside an overall plan to invest as much as $20bn. Vedanta’s global MD of display and semiconductor business Akarsh Hebbar said, “Semiconductor is a long-term business. We are looking at about $10 billion on display. Right now we are looking at $7 billion in semiconductors that may also go up by another $3 billion to further extend it. First 10 years we have engaged to invest up to $15 billion. We will evaluate further investment at a later stage”. Mr. Hebbar is also the managing director of Avanstrate, which handles Vedanta’s display manufacturing business. He added that while the focus is on local demand, 25-30% may be exported. The announcement comes about a week after Vedanta and Foxconn signed an MoU to make semiconductors in India. On the partnership, Mr. Hebbar said, “Taiwan entered into technology in 1962 and we have very powerful people there who want to tie up. Foxconn has been very forefront in saying that we understand how this works, there is technology that we have and we will make sure (to implement that) as long as India gives us the way forward, gives us a site to put up the plant,”
Vedanta’s dollar bonds were trading stable with its 13.875% 2024s at 104.59, yielding 11.12%
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