Together with India’s largest mining company Vedanta Limited, the deal was announced on Tuesday (9/13).

Semiconductors are essential components of almost all modern electronic devices, from smartphones to kitchen appliances and cars.

As charged RFI News On Wednesday (14/9), this project was labeled as India’s most ambitious investment program as all manufacturing facilities and factories are currently being ramped up in Gujarat state. , home of Prime Minister Narendra Modi.

“India’s Silicon Valley is getting closer now, thanks to the government for helping to get things done so fast,” Vedanta group leader Anil Agarwal wrote on Twitter.

With government assistance, the facility will be operational by 2024, which will also produce display screens for mobile phones and tablets.

Vedanta will take a 60% stake in the joint venture for the first stage of chip manufacturing. Meanwhile, Foxconn, the world’s largest iPhone maker, will take a minority stake. The day after the announcement of the chip-making deal with the Taiwanese giant, Vedanta’s shares in Mumbai rose to 6%.

The Indian government is currently working to accelerate its economic growth by increasing the domestic production capacity in various strategic sectors, including military equipment and advanced technologies.

The government has also reportedly succeeded in attracting investors, with Singapore’s IGSS Ventures announcing that it will invest $3.2 billion in July to manufacture chips in the state of Tamil Nadu.

Many of the world’s best chips were previously made by just two companies, Taiwan’s TSMC and South Korea’s Samsung, both operating at full capacity to meet the current global shortage. Now India is here to curb the runaway global chip production.