This Indian company is on the path to capturing modern-age oil!
Vedanta Group to build semiconductor plant to boost India's domestic chip manufacturing.
India's dependence on imported chips could soon be reduced, as the government takes steps to promote domestic semiconductor chip manufacturing. India's semiconductor consumption is expected to reach USD 110 billion by 2030 and USD 80 billion by 2026.
To take advantage of this opportunity, the Vedanta Group plans to begin construction of its Rs 1.5 lakh crore semiconductor plant in October-December of this year, to produce electronic chips by the first half of 2027. The company plans to launch with 5,000 wafers initially, gradually increasing to 40,000 wafers per month.
Vedanta has submitted all the necessary technology tie-ups to the government, and banks are comfortable with funding the project cost in the ratio of 70 and 30 (from the company) after adjusting the subsidy.
On the stock market, Vedanta's scrip opened at Rs 280.50, touching a high and low of Rs 284 and Rs 280.10, respectively. A total of 3,44,410 shares were traded on the counter.
Vedanta Group is primarily a diversified natural resources company that produces oil and gas, zinc-lead-silver, copper, iron ore, aluminium, and commercial power.