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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.
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
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