Mumbai-based mining company Vedanta Ltd., and Taiwan’s Foxconn signed an agreement with the government of India’s western state of Gujarat to set up a $20 billion semiconductor project. Foxconn already has significant operations in India, including the assembly of Apple iPhones.
Vedanta obtained financial and non-financial subsidies including on capital expenditure and electricity from Gujarat to build the plant.
Foxconn will be the technical partner, while the Vedanta Group has an initial investment plan of $2 billion for the semiconductor unit which is likely to escalate to $20 billion as the company scales up the project.
An announcement is expected this week with a formal signing of a memorandum of understanding between the two sides.
According to the government, India’s semiconductor market is estimated to reach $63 billion by 2026 from $15 billion in 2020.
Last updated: December 26th, 2025
