The government is set to approve the chip-making plan of the Vedanta-Foxconn joint venture under the $10-billion India Semiconductor Mission (ISM), senior government officials told ET. This will pave the way for the Centre’s bid to establish India as a global hub for semiconductors.
“Their plan is for fabrication of 40 nm (nanometre) chips — there are some conditions they need to fulfil. We are going to approve it,” one of the officials told ET.
Another top official said, “The approvals will come in very shortly.”
Vedanta Foxconn Semiconductors Ltd (VFSL) has signed initial pacts with two companies for technology transfer — US-headquartered GlobalFoundries and European chipmaker STMicroelectronics. The duo’s details have been submitted to the ministry of electronics and information technology (MeitY), one of the officials said.
The government has asked Vedanta Foxconn Semiconductors to submit details of the “binding technology transfer agreement” with either of the two companies, the person added.
The IT ministry, nodal ministry for ISM, has suggested to GlobalFoundries and STMicro that they take a stake in VFSL as well, said a third official, adding, “The companies have responded positively to the suggestion. The government is waiting for them to get back on the proposal.”
Read more at: https://economictimes.indiatimes.com/epaper/delhicapital/2023/may/16/et-front/vedanta-foxconn-chip-factory-set-to-get-green-light/articleshow/100260916.cms
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