Vedanta in talks with Innolux for display fab in India

Home
Industry News
Vedanta in talks with Innolux for display fab in India

Vedanta in talks with Innolux for display fab in India

Industry News
Nov 14,23

A spokesperson from Vedanta's semiconductor and display business confirmed to PTI that discussions are underway for the establishment of a display fabrication facility.

Vedanta in talks with Innolux for display fab in India

The Vedanta Group is currently in talks with Innolux Corporation, a Taiwanese TFT LCD manufacturer, to discuss the potential establishment of a display fabrication plant in India. Recently, executives from both companies met with Rajeev Chandrasekhar, the Minister of State for Electronics and IT.

In a post on X, the minister shared, "Today, Mr. YJ Chen, CEO of Vedanta Displays Ltd; Mr. Sunil Duggal, Chairman of Strategy & Policy; Mr. James Yang, President; and Mr. Jyh Chau Wang, Director of Innolux, called on me at my office. We delved into discussions about India's vision and goals in domestic display manufacturing, aiming for self-reliance in electronics manufacturing."

A spokesperson from Vedanta's semiconductor and display business confirmed to PTI that discussions are underway for the establishment of a display fabrication facility. The spokesperson expressed Vedanta's commitment to supporting the government's vision of a self-reliant India and emphasised their efforts to enable self-sufficiency in high-tech electronics manufacturing through the establishment of a display fab.

Vedanta had previously announced plans to set up an electronic chip and display manufacturing facility in India. Additionally, the company had entered into a joint venture with Foxconn, a prominent Taiwanese electronics manufacturer, which revealed intentions to invest $19.5 billion in a semiconductor wafer fabrication plant.

Despite reporting a net loss of Rs 1,783 crore in the September quarter, a notable contrast to the Rs 1,808 crore profit posted a year ago, Vedanta shares have experienced a recovery, surging by over 14% from their 52-week low of Rs 207.85, reached on September 28, 2023.

Source: Business Today