India has received US$20.5 billion in proposals from five companies to construct local semiconductor and display fabrication facilities, a government statement said on Saturday.
Companies, including Vedanta Ltd in joint venture with Hon Hai Precision Industry Co (鴻海精密), Singapore-based IGSS Ventures Pte Ltd and India Semiconductor Manufacturing Co (ISMC) have proposed investments of US$13.6 billion for manufacturing the chips, which are used in a wide array of products ranging from 5G devices to electric vehicles.
The three proposals are seeking US$5.6 billion in support from the federal government under its incentive plan.
“Despite aggressive timelines for submission of applications in this greenfield segment of semiconductor and display manufacturing, the scheme has elicited a good response,” the Indian Ministry of Electronics and Information Technology said in the statement.
Two companies — Vedanta and Elest — have submitted US$6.7 billion in proposals to construct display fabrication facilities and have sought incentives of US$2.7 billion from the federal government, the ministry added.
Hon Hai, known as Foxconn Technology Group (富士康科技集團) internationally, on Monday last week announced that it had signed a memorandum of understanding (MOU) with Vedanta to set up a joint venture to supply semiconductors in India and help bolster the country’s production of electronic goods.
Under the MOU, Vedanta is expected to hold the majority stake in the venture, and Vedanta chairman Anil Agarwal would be the new company’s chairperson, Hon Hai said.
India’s semiconductor market is expected to reach US$63 billion by 2026, compared with US$15 billion in 2020.
The incentive program is an effort by Indian Prime Minister Narendra Modi to boost the share of manufacturing in the economy and reverse a slowdown due to the COVID-19 pandemic.
The incentives were announced amid a prediction that a global chip shortage is likely to extend until early next year and demand might remain above the long-term expectation for this year.
Additional reporting by CNA
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