• Vedanta Ltd and Apple Inc (NASDAQ: AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC: HNHAF), operating as Foxconn, aims to invest $19.5 billion to set up semiconductor and display production plants in Gujarat, India, Reuters reports.

• Vedanta Chair Anil Agarwal tweeted regarding the new plant describing it as the onslaught of India's journey from Chip Taker to a Chip Maker.

• The joint venture obtained subsidies to set up units near the western state's largest city, Ahmedabad.

• The showpiece investment of ₹1.54 trillion coincides with the upcoming local elections in the state, where Modi's ruling group is facing a tough challenge from opposition parties.

• The Vedanta venture aims to manufacture display and chip products within two years.

• Vedanta plans to set up a display manufacturing unit with an investment of ₹945 billion ($11.95 billion) and separate chip-related production units by investing ₹600 billion ($7.58 billion),

• Vedanta and Foxconn will work closely with the state government to establish high-tech clusters with the requisite infrastructure.

• Foxconn will bring technical expertise to the venture, whereas Vedanta, who has a mining background, will finance the project, TechCrunch reports.

• The state of Gujarat will offer subsidies on capital expenditure and electricity for the project.

• The Indian government promised to expand incentives beyond an initial $10 billion plan for those investing in semiconductor manufacturing.

• Photo via Wikimedia Commons

See more from Benzinga

• Google Battles Two Separate Class Actions In UK, Dutch Courts With Claims Of €25B

• Intel Slashes Valuation Of Mobileye IPO As Chipmakers Cut Outlook Citing Uncertain Macro Environment

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.