Electronics manufacturing services company Foxconn chairman Young Liu on Thursday met Vedanta Group's managing director Akarsh Hebbar to discuss the roadmap of their proposed electronic chip manufacturing plant and its location.
Vedanta and Foxconn had signed a memorandum of understanding in February to form a joint venture company in India. Vedanta will hold 60 per cent of the equity in the JV, while Foxconn will own 40 per cent.
"Foxconn Chairman Young Liu met Akarsh Hebbar, Vedanta Group's Global Managing Director of Display & Semiconductor Business, in New Delhi to discuss the next steps for their proposed partnership to manufacture semiconductor chips in India," Vedanta said in a statement.
According to sources, both discussed the location of setting up their semiconductor plant, which will be announced soon.
This is the first joint venture in the electronics manufacturing space after the government announced an incentive scheme for semiconductors and display manufacturing.
Vedanta is planning to invest around USD 15 billion in a phase-wise manner over the next 5-10 years to build displays and semiconductor chips in India.
The JV will look at setting up a semiconductor manufacturing plant in the next two years.
Liu also met Telangana IT and Industries Minister KT Rama Rao where they discussed Foxconn's plans of expanding its footprint in India.
Rao invited Foxconn to explore investment opportunities in the state.