Page 29 - Vedanta

Foxconn walks out of Vedanta joint venture for chip plant in India

Both firms committed to India's semicon mission: Govt

Foxconn, Vedanta committed to semiconductor mission, says Vaishnaw

Taiwanese electronics manufacturing giant Foxconn and mining behemoth Vedanta are committed to the semiconductor mission and the Make-in-India programme of the country, Union Minister of Electronics and IT Ashwini Vaishnaw said on Monday. The comments came against the backdrop of Foxconn announcing pulling out of its semiconductor joint venture Vedanta Foxconn Semiconductors Private Limited. "Both the companies Foxconn and Vedanta are committed to India's semiconductor mission and Make in India program," Vaishnaw tweeted. Taiwan's Foxconn has withdrawn from a USD 19.5 billion (about Rs 1.5 lakh crore) semiconductor joint venture with mining baron Anil Agarwal's Vedanta Ltd as the venture struggled to get a technology partner to make chips that are used in mobile phones to refrigerators and cars. In a statement, Foxconn, the world's largest contract electronics maker, said it "has determined it will not move forward on the joint venture with Vedanta." Agarwal's metals-to-oil ...

India raised questions over Foxconn-Vedanta chip incentive plan -source

Taiwan's Foxconn pulled out of a semiconductor joint venture with Vedanta after India's government raised questions over its application for an incentive scheme for chip production

Foxconn withdrawal has no impact on India's semiconductor goals: MoS IT

Taiwanese electronics manufacturer Foxconn's decision to pull out of Vedanta joint venture has no impact on India's semiconductor fabrication plant goal, minister of state for electronics and IT Rajeev Chandrasekhar said on Monday. Foxconn has decided to pull out of the semiconductor joint venture with Indian conglomerate Vedanta. "This decision of Foxconn to withdraw from its JV wth Vedanta has no impact on India's Semiconductor Fab goals. None," Chandrasekhar tweeted. Vedanta Foxconn JV had announced the setting up of India's first electronic chip manufacturing unit in Gujarat with an investment of around USD 1.5 lakh crore. "Its not for govt to get into why or how two private companies choose to partner or choose not to, but in simple terms it means both companies can & will now pursue their strategies in India independently, and wth appropriate technology partners in Semicon n Electronics," Chandrasekhar tweeted. The minister said that both Foxconn and Vedanta have significant

As Foxconn withdraws, Vedanta says other partners lined for chip plant

After withdrawal of Taiwanese electronic contract manufacturer Foxconn from its chip joint venture, Vedanta on Monday asserted that it is fully committed to its semiconductor project and has lined up other partners to set up India's first foundry. Vedanta said that it has redoubled efforts to fulfil the Prime Minister Narendra Modi's vision for semiconductors and affirmed that India remains pivotal in repositioning global semiconductor supply chains. "Vedanta reiterates that it is fully committed to its semiconductor fab project and we have lined up other partners to set up India's first foundry. We will continue to grow our Semiconductor team, and we have the license for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer (IDM)," Vedanta said in a statement. The company had announced plans to set up its chip plant in Gujarat with an investment of around Rs 1.5 lakh crore. However, its JV partner Foxconn has announced to pull out of the project. "

ONGC, Reliance-BP bid for oil, gas blocks, foreign giants stay away

State-owned ONGC, mining baron Anil Agarwal's Vedanta and a consortium of Reliance Industries Ltd and BP Plc put in 13 bids for 10 areas offered for finding and producing crude oil and natural gas in India's latest bid round, according to regulator DGH. India offered 10 blocks for bidding in the eighth round of the Open Acreage Licensing Policy (OALP) in July last year. After extending the bid deadline a few times, the round closed last week. Five companies - Oil and Natural Gas Corporation (ONGC), Vedanta Ltd, Oil India Ltd (OIL), Sun Petrochemicals Pvt Ltd and Reliance-BP Exploration (Alpha) Ltd - put in 13 bids for the 10 blocks on offer in OALP-VIII, the Directorate General of Hydrocarbons (DGH) said putting out a summary of bids received. Seven of the 10 blocks on offer received single bids and the other three blocks had two bidders each. Global energy giants like ExxonMobil, Chevron and TotalEnergies, which India has been courting to give a fillip to exploration and production

Foxconn pulls out of semiconductor joint venture with Vedanta Ltd

Foxconn and Vedanta signed a pact last year to invest $19.5 billion to set up semiconductor and display production plants in Gujarat

RIL shines in lacklustre trade; Sensex ends 64 pts up; broader indices slip

CLOSING BELL ON JULY 10, 2023: Reliance alone contributed 302 points to the BSE Sensex as the stock finished 3.8 per cent higher. The NSE Nifty 50 was up 24 points at 19,356 on Monday.

Vedanta to acquire semiconductor, display biz from Twin Star Technologies

Anil Agarwal-led Volcan Investments has decided to rejig semiconductor business segment by bringing it under subsidiary Twin Star Technologies Limited, the group firm Vedanta said on Friday. Under the new structure, Twin Star Technologies (TSTL), which is a sister concern of Vedanta Ltd, will become its subsidiary and Vendanta's semiconductor and display business will be brought under TSTL. "The acquisition will be effected by way of a share transfer at face value of Twin Star Technologies Limited's (TSTL) Semiconductor and Display SPVs. TSTL is a wholly owned subsidiary of Volcan Investments Limited, the ultimate holding company of Vedanta Limited," Vedanta said in a statement. With this restructuring, Vedanta Limited announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio. "Vedanta is committed to making India self-reliant in electronics. This is the beginning of the creation of a Silicon Valley in India, a cutting edge and .

Stocks to Watch on July 4: RIL, IndusInd, IDFC, Adani Transmission, DMart

Stocks to Watch today, on Tuesday: Reliance Jio, the telecom arm of Reliance Industries, has announced the launch of the internet-enabled 'JioBharat' phones, at a price of Rs 999

Sebi imposes Rs 30 lakh penalty on Vedanta Ltd for incorrect disclosures

Markets regulator Sebi on Friday imposed a fine of Rs 30 lakh on Vedanta Ltd for failing to provide correct disclosures, including on its website, in relation to certain announcements made by the company last year. In a 24-page order, Sebi said the act of Vedanta Ltd (noticee) to carry news not pertaining to its operations on the website leads to providing misleading information to the investors of the public limited company. "All these events may lead one to cast aspersions on the intent of the company to host the press release on its website," the regulator said as it imposed a fine of Rs 30 lakh on the company for certain violations of norms. The fine has been slapped for the failure to provide correct disclosures, including misrepresentation on the company's website. In March this year, the Securities and Exchange Board of India (Sebi) issued a show cause notice to Vedanta Ltd. The matter pertained to announcements related to the semiconductor business, including the company's

Vedanta to conduct strategic review of steel, raw material businesses

Vedanta Ltd on Friday said it will conduct a strategic review of its steel and steel raw material businesses. In a regulatory filing, the company said it has also engaged advisors to assist in this review. "The company has decided to initiate a strategic review of its steel and steel-making raw materials businesses. The review will begin immediately and evaluate a broad range of options to maximize stakeholder value, including but not limited to a potential strategic sale of some or all of the above-mentioned steel businesses," it said. Vedanta Ltd did not provide any further details. A subsidiary of Vedanta Resources Limited, Vedanta Limited is one of the world's leading natural resources companies, spanning across India, South Africa and Namibia. In June 2018, Vedanta Limited acquired Jharkhand-based steel company ESL Steel Limited through an insolvency resolution process.

Vedanta launches policy for transgender employees to promote inclusivity

Globally diversified natural resources company Vedanta on Friday said it has launched an inclusion policy for its transgender employees in an effort to promote inclusivity and diversity at workplace. As part of the comprehensive policy, Vedanta is extending additional medical benefits in terms of a 30-day gender reaffirmation leave and financial support of up to Rs 2 lakh for gender reaffirmation surgery, the company said in a statement. "At Vedanta, we are actively engaged in cultivating a culture that celebrates diversity, ensuring equal opportunities for all individuals. It gives me immense joy to announce the launch of our inclusion policy, which reflects our commitment to supporting transgender employees. "With this policy, we aim to create an environment that not only recognises the needs of transgender employees but also champions their well-being and personal growth," Vedanta Non-Executive Director and Hindustan Zinc Chairperson Priya Agarwal Hebbar said. In addition to the

Vedanta Resources deepens tech push with $4 billion India display factory

Anil Agarwal's metals and mining conglomerate is expanding in electronics components to take advantage of India's push to become a technology manufacturing hub

Vedanta-Foxconn JV reapplies for chip manufacturing unit incentives

The company had earlier announced that the plant will be set up in Dholera, Gujarat, with an investment of around Rs 1.5 trillion and start making revenue by 2027

CII collaborate with Vedanta to support technology-based startups

Industry body CII's Centre of Excellence for Innovation, Entrepreneurship and Startups on Tuesday announced its strategic partnership with Vedanta Limited, a globally diversified natural resources conglomerate. This collaboration aims to promote corporate-startup connect and provide support to technology-based startups through CII CIES's Corporate Accelerator program, CII stated. As part of this programme, startups have the opportunity to present their minimal viable products (MVPs) on demo day, to secure contracts with participating corporates. "This partnership aims to impact a substantial number of startups in the technology space. Through this collaboration, Vedanta Limited aims to leverage CII CIES's expertise to identify and nurture startups that align with its vision of transformative and sustainable technologies," CII said.

Vedanta Foxconn JV re-submit application to set up semiconductor plant

Vedanta Foxconn JV has re-submitted an application to set up an electronic chip manufacturing plant, the joint venture company said on Tuesday. The company had earlier announced that the plant will be set up with an investment of around Rs 1.5 lakh crore and start making revenue by 2027. "We have submitted the application as per the revised guidelines. We are committed to building a world-class fab in India," Vedanta Foxconn Semiconductor Ltd said in a statement. The company has re-submitted the application under the modified semiconductor programme. Under the modified programme, the government has increased the fiscal incentive to 50 per cent of the project cost for setting up semiconductor Fabs in India of any node (including mature nodes). Similarly, the fiscal incentive of 50 per cent of the project cost is available for setting up Display Fabs of specified technologies in India. Earlier, the scheme offered fiscal support of 30 per cent of capital expenditure to approved unit

Stocks to watch: L&T, GAIL, ONGC, Fortis Health, Tata Power, Paytm, Vedanta

Stocks to watch on June 23, 2023: From L&T to Fortis Health, here are top stocks to watch in Friday's trading session

Vedanta Limited says not selling copper plant at Thoothukudi, Tamil Nadu

Vedanta Ltd on Thursday said that it has no plans to sell its copper plant at Thoothukudi in Tamil Nadu. Junking the media reports that claimed that the company is selling Sterlite Copper plant, Vedanta said the reports are "wrong, baseless and incorrect". In a regulatory filing, the company said Sterlite Copper is a national asset and claimed it contributed 40 per cent to India's overall copper production. "It has come to our notice that certain sections of the media have carried out the news article that Vedanta Ltd is selling the Sterlite Copper Plant, Thoothukudi. The said media articles are wrong, baseless and incorrect and the same is refuted by the company," it said. As the country has become a net importer of copper, there has been a growing demand to restart its operations, Vedanta Ltd said.

Sensex tumbles 284 pts, Nifty below 18,800; Bajaj Fin, TaMo fall 2%, RIL 1%

Closing Bell on June 22, 2023: The S&P BSE Sensex hit a fresh record high of 63,602 in intra-day trades on Thursday