Vedanta and Foxconn sign agreement with Indian state for $20 billion semiconductor unit • TechCrunch

Indian oil-to-metals giant Vedanta and global manufacturing giant Foxconn have signed a memorandum of understanding with the Indian state of Gujarat to set up a $19.5 billion semiconductor unit in the coastal state that is home of Prime Minister Narendra Modi, officials said Tuesday.

“Electronics manufacturing in India has already generated around 25 lakh (2.5 million) jobs. Modi ji has now given us the target to expand this 25 lakh employment record to 1 crore jobs (10 million). It means we need to take electronics manufacturing in the country from $80 billion to $300 billion,” said Ashwini Vaishnaw, India’s IT Minister, on Tuesday. “Spectrum and silicon are the two prime raw materials of today’s digital world… The world will watch India rapidly emerge as a very strong semiconductor player.”

This is a developing story. More to follow…