Anil Agarwal-led Vedanta Group has announced its acquisition of the semiconductor and display units from Twin Star Technologies, a sister concern. This move positions Vedanta as the first company in India to venture into the Integrated Semiconductor and Display Fab Business.
In a regulatory filing, Vedanta stated that its board of directors, during a meeting on July 7, 2023, approved the acquisition of Twin Star Technologies’ wholly-owned subsidiaries, Vedanta Foxconn Semiconductors Private Limited (VFSPL) and Vedanta Displays Limited (VDL), through share transfer at face value. The transaction is expected to be completed in the current quarter.
The restructuring of Vedanta Limited’s portfolio marks the inclusion of semiconductors and display glass manufacturing ventures. Anil Agarwal, the chairman of Vedanta, expressed his commitment to making India self-reliant in electronics. He envisions the establishment of a Silicon Valley in India, fostering a cutting-edge and world-class electronics ecosystem. Agarwal stated, “My dream is for every Indian youth to have an affordable smartphone, laptop, and electric vehicle.”
Vedanta emphasized the significant growth opportunity that semiconductor and display glass manufacturing represents for India. The semiconductor market is projected to reach $80 billion by 2026, while the display panel market is estimated to grow to $15 billion by 2025. Currently, India imports 100 percent of these requirements.
Akarsh Hebbar, the global managing director of Vedanta’s semiconductor and display business, believes that semiconductors and display fab are essential to building a robust electronics ecosystem. He anticipates the creation of various ancillary industries and job opportunities, resulting in a positive impact on India’s GDP.
Vedanta aims to produce made-in-India semiconductors and display glass, enabling the availability of affordable electronics for all Indians, including smartphones, laptops, televisions, and electric vehicles. The company plans to invest around Rs. 1.5 lakh crore in setting up a manufacturing plant, with revenue generation expected to commence by 2027.
David Reed, CEO of Vedanta’s Semiconductor Business, envisions India becoming the next semiconductor hub globally, citing the country’s favorable conditions for success. Vedanta already has a presence in the LCD glass substrate business through its subsidiary Avanstrate.
Y J Chen, CEO of Vedanta’s Display Business, expressed excitement about India’s potential to become the fifth country in the world to manufacture display glass. He highlighted the significant impact on consumers in terms of device affordability.
In other news, the Gadgets 360 podcast Orbital discusses the highly anticipated smartphones set to debut in July, including the Nothing Phone 2 and the Motorola Razr 40 Ultra. The podcast is available on various platforms, such as Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, and Amazon Music.
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