Vedanta says it's in talks to raise up to $3 bn debt in semiconductors push

The conglomerate is diversifying into chip manufacturing by forming a joint venture with Taiwan's Foxconn.

India's Vedanta is in talks with banks to raise debt of $2.5-$3 billion to bolster its semiconductor and display manufacturing plans, as it races to become the country's first chipmaker, a top company official told Reuters on Saturday.

The oil-to-metals conglomerate decided in February to diversify into chip manufacturing and formed a joint venture with Taiwan's Foxconn. It has a total planned investment outlay of $20 billion.

Vedanta is seeking incentives from Prime Minister Narendra Modi's federal government and is also in talks with several Indian states. After getting subsidies, and once its definitive agreements are in place, the company plans to