Taiwan-based Foxconn Technology Group and Indian conglomerate Vedanta Limited have announced a technology tie-up with French company STMicroelectronics for setting up a semiconductor manufacturing unit in India. The unit will be established in the states of Tamil Nadu and Andhra Pradesh and will focus on producing microcontrollers and sensors, among other products.
The move is in line with the Indian government’s push for self-reliance and the promotion of domestic manufacturing in key industries, including electronics. The partnership between Foxconn, Vedanta, and STMicroelectronics will bring together the expertise of all three companies and help establish India as a hub for semiconductor manufacturing.
The manufacturing unit is expected to create a large number of jobs and contribute significantly to the Indian economy. The semiconductor industry is a rapidly growing industry and is expected to reach $548.6 billion by 2025, globally. The tie-up between Foxconn, Vedanta, and STMicroelectronics will help India take advantage of the growing demand for semiconductors and establish a strong presence in the industry.
The partnership will bring together the expertise of Foxconn, which is a leading electronics manufacturing company, Vedanta, which has extensive experience in the mining and minerals sector, and STMicroelectronics, which is a leading player in the semiconductor industry. The three companies will work together to establish a world-class manufacturing unit that will not only help meet the growing demand for semiconductors in India but also export to other countries.
The tie-up will also help India reduce its dependence on imports and enhance its position as a major player in the global electronics market. India imports a significant amount of semiconductors, which are a crucial component in the electronics industry. The establishment of a domestic manufacturing unit will not only reduce the country’s dependence on imports but also help it take advantage of the growing.