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Vedanta joins hands with Taiwan’s Foxconn on Monday, to manufacture semiconductors in India, as they seek to capitalize on a global chip shortage.

Vedanta will hold a majority of the shares in the new venture company. The company will be chaired by Anil Agarwal, as per the statement issued by the two companies on Monday. Semiconductor chips are utilized in the production process of cars and consumer electronics.

“The first-of-its-kind joint venture between the two companies will support Indian Prime Minister Narendra Modi’s vision to create an ecosystem for semiconductor manufacturing in India,” according to the company’s statement. Vedanta aims to invest up to $15 billion over 5-10 years to manufacture displays and semiconductor chips in India, through Avanstrate. The investment will be conducted in a phased manner, which will include an integrated display fabrication facility and a separate semiconductor plant.

Foxconn along with Vedanta will become the first biggest contract manufacturers to support the government’s Make in India campaign for boosting domestic manufacturing.

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