Vedanta Ltd is seeking 1,000 acres (405 hectares) of free land from states and other incentives for its USD20 billion push into semiconductor and display manufacturing as part of a race to become India's first chip producer, the source said.
In February, the oil-to-metals conglomerate announced ambitions to diversify into chip production and form a joint venture with Taiwan's Foxconn to help Prime Minister Narendra Modi's plans to turn India into a semiconductor manufacturing hub.
According to two sources with firsthand knowledge, Vedanta is requesting states for 1,000 acres of land free of charge on a 99-year lease, despite the fact that it is seeking federal incentives under a Modi programme offering fiscal support. It will require 700 acres for its own facility and the rest for ancillary purposes.
According to the first source, Vedanta has assured state governments that its operations will help them produce USD2.2 billion in tax income over the next 20 years and create up to 100,000 direct and indirect jobs. As per the source, the corporation is now examining requests from at least three Indian states: Telangana and Karnataka in the south, and Maharashtra in the west.
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