The Vedanta Group is currently in discussions with Taiwanese TFT LCD manufacturer Innolux Corporation about developing a display fabrication factory in India. Executives from both companies met with Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, recently.
"Mr. YJ Chen, CEO of Vedanta Displays Ltd; Mr. Sunil Duggal, Chairman of Strategy and Policy, Mr. James Yang, President, and Mr. Jyh Chau Wang, Director of Innolux, called on me today at my office." "We discussed India's vision and goals in domestic display manufacturing, to achieve Atmanirbharta in electronics manufacturing," the minister wrote in a blog post on X.
A Vedanta semiconductor and display business spokeswoman acknowledged to PTI that discussions for the construction of the display fabrication facility are still ongoing. "At Vedanta, we are committed to supporting the government's vision of a self-reliant India and are working towards establishing a display fab to enable Atma Nirbharta in hi-tech electronics manufacturing," stated a spokesperson for the organization.
Vedanta had previously stated its intention to build a facility in India to produce electrical chips and screens. Furthermore, the corporation formed a joint venture with Foxconn, a well-known Taiwanese electronics manufacturer, and declared plans to invest $19.5 billion in the construction of a semiconductor wafer fabrication unit.
Meanwhile, Vedanta shares have risen more than 14% since their 52-week low of Rs 207.85 on September 28, 2023. This occurred despite the mining company reporting a net loss of Rs 1,783 crore in the September quarter, a significant dip from the Rs 1,808 crore profit posted a year ago.