Vedanta will finalise a location for its $20 billion semiconductor and display plants in India by mid-June and will have the first chip product ready in two years, its Chairman Anil Agarwal said on Wednesday.
Oil-to-metals conglomerate Vedanta said in February it will diversify into chip manufacturing and announced plans to form a joint venture with Taiwan's Foxconn to support Prime Minister Narendra Modi's drive to make India a semiconductor manufacturing hub.
Vedanta has a total planned investment outlay of $20 billion for two separate units for chip and display manufacturing.
"Foxconn is our technical partner. We may not take
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