The Indian government is set to give the green light to a $12 billion chip factory to be set up by Vedanta and Foxconn in India, according to a report by Reuters. The factory would be the first of its kind in India and would help to reduce the country’s reliance on imports for semiconductors.
The factory is expected to create over 10,000 jobs and would be located in the southern state of Tamil Nadu. The government is expected to give the green light to the project in the coming weeks.
Vedanta and Foxconn have been in talks with the Indian government for over a year to secure approval for the project. The factory is seen as a major boost for India’s semiconductor industry, which is currently in its infancy.
