Vedanta has signed a pact with electronics manufacturing services giant Foxconn to form a joint venture (JV) for manufacturing semiconductors in India. According to the MoU (memorandum of understanding) signed between the two companies, Vedanta will hold the majority equity in the JV, while Foxconn will be the minority shareholder. The collaboration between Vedanta and Foxconn follows the government's recent policy announcement for electronics manufacturing and PLI scheme for incentivising organisations to contribute towards the development of this sector.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
