Vedanta To Allot $4 Billion For Display Factory By CIOTechOutlook Team

Vedanta To Allot $4 Billion For Display Factory

CIOTechOutlook Team | Wednesday, 28 June 2023, 04:50 IST

A $4 billion production facility in western India would be established and run by a team of professionals from around the world, according to the newly appointed CEO of Vedanta Resources Ltd.'s developing display sector.

Former employee of the Chinese display maker HKC Corp., YJ Chen, announced that the display company is getting ready to start hiring people from South Korea, Taiwan, Japan, and other nations to set up a plant in India for the production of liquid crystal display panels. Up to 3,500 direct job possibilities are anticipated to be created by the factory, according to Chen.

With 23 years of display industry experience, Chen stressed the urgent necessity for lots of highly qualified specialists. He admitted that finding such outstanding people is the company's biggest challenge during an interview in Mumbai, the financial capital of India.

Vedanta, the metals and mining company run by billionaire Anil Agarwal, is entering the electronics components market despite being heavily indebted in an effort to take advantage of India's push to become a centre for technology manufacturing. The display industry presents a significantly less technically complex possibility than Vedanta's faltering semiconductor effort, maybe providing a simpler path to success.

At its future factory in the display industry, Vedanta plans to manufacture glass and assemble LCD panels in partnership with Innolux Corp., a subsidiary of the Foxconn Group. Chen claims that if the unit receives the necessary finance from the government of Prime Minister Narendra Modi, manufacturing might start by the end of 2025.

Prime Minister Narendra Modi has pledged $10 billion, with the government paying for half the costs of developing semiconductor and display fabrication facilities, in an effort to entice chip and display makers to India.