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

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 $20 billion semiconductor unit in the coastal state that is home of Prime Minister Narendra Modi, officials said Tuesday.
Foxconn will bring technical expertise to the venture whereas Vedanta, which has a background in mining, will finance the project, top officials said. The state of Gujarat will offer subsidies on capital expenditure and electricity to the project.
The state of Gujarat will “offer every possible help in this pr

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