CHENNAI: Anil Agarwal's Vedanta and Hon Hai Technology Group (commonly known as Foxconn) have formed a joint venture (JV) to produce semiconductors in India, which is a significant development for the performance-linked incentive (PLI) system. According to a joint statement released by the firms, this is the first JV in the electronics manufacturing industry following the PLI strategy.

The Centre approved a PLI scheme in December 2021 for semiconductor and display board production in the country, with an investment target of Rs 76,000 crore over the following five to six years. In the midst of a global chip crisis, the India Semiconductor Mission (ISM) was recently formed with the goal of attracting substantial investments for manufacturing facilities.

The location of the plant is now being discussed with a few state administrations. However, corporate officials remained tight-lipped regarding the amount of money being invested, the project's location, and the expected manufacturing capacity.

In January, the Vedanta Group announced its intention to invest $15 billion in India over the next five years to manufacture screens and semiconductor chips. In December 2017, it bought AvanStrate, a Japanese glass substrate producer, from the Carlyle Group.

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