CURRENT AFFAIRS

Detailed explanation-1: -The Vedanta-Foxconn joint venture is believed to have selected Gujarat for setting up its display fabrication and semiconductor facility, people aware of the discussions told ET. “They have requested for an area of up to 1, 000 acres outside of Ahmedabad as the connectivity to that area is very well established.

Detailed explanation-2: -In September 2022, the Vedanta group signed a memorandum of understanding (MoU) with the Gujarat government to set up a semiconductor fabrication unit in the state. The unit will be set up as part of a joint venture between Vedanta and Taiwanese Foxconn.

Detailed explanation-3: -UVARSAD: India’s first semiconductor fab unit will be set up in Dholera by a joint-venture entity formed by Vedanta Limited and Foxconn for a $20 billion investment, according to Rajeev Chandrasekhar, Union minister of state for electronics and information technology, reports Niyati Parikh.

Detailed explanation-4: -Vedanta and Foxconn will invest USD 19.5 billion to set up semiconductor and display production plants in Gujarat. The joint venture has obtained several subsidies, for example, on capital expenditure and electricity from Gujarat to set up the units, as first reported by Reuters.

Detailed explanation-5: -Stating that an independent committee, comprising very good consultants, which went to five to six states to zero in on one site for the plant, found that Gujarat was the best option, as it has the right atmosphere and was also providing better facilities for the unit.