Gujarat govt signs MoU worth 1.54 lakh crore rupees to set up semiconductor and display fab manufacturing unit
Gujarat government has inked a Memorandum of Understanding (MoU) worth 1.54 lakh crore rupees with Vedanta and Foxconn Group for the establishment of semiconductor and display fab production facilities in the state.
The MoU was signed in the presence of Minister for Communications, Electronics & Information Technology Ashwini Vaishnaw and Gujarat Chief Minister Bhupendra Patel in Gandhinagar yesterday. The two companies will invest 1 lakh 54 thousand crore rupees to build the facility in Gujarat, which will lead to the creation of around 10 lakh new jobs.
Applauding the development, Prime Minister Narendra Modi said, this MoU is an important step in accelerating India’s semiconductor manufacturing ambitions. He said the investment of 1.54 lakh crore rupees will have a significant impact to boost economy and jobs. Mr. Modi said this will also create a huge ecosystem for ancillary industries and help our MSMEs.
