Maharashtra attract Vedanta-Foxconn investment in semiconductors and display fabrication

Maharashtra had attracted a mega-investment of Rs 2.06 lakh crore by Vedanta Group Foxconn (60:40 JV) in semiconductors, display fabrication and outsourced semiconductor assembly and testing, beating rivals such as Tamil Nadu, Karnataka, Andhra Pradesh and Telangana. Sealed in the presence of Chief Minister Eknath Shinde and DCM Devendra Fadnavis.

The state cabinet, to be chaired by Shinde on Wednesday, will approve a slew of exemptions under the stimulus package scheme, including 25% capital subsidy, subsidized water and electricity and concession in land rates. The project will be taken up in phases on 1,000 acres of land at Talegaon near Pune.

CM and DCM assured all possible government assistance for project development in the meeting on Tuesday. The project is expected to be commissioned in three years.

Vedanta will make direct investment of Rs 1,66,800 crore and Rs 40,000 crore from other sources. This project will create 2 lakh indirect and direct jobs. It will generate a total revenue of Rs 1,25,230 crore of State GST which includes State GST of Rs 37,500 crore and Inter State GST Rs 88,079 crore.

“Maharashtra will emerge as a hub of design innovation with high potential for co-location of global R&D players,” an industry department official told the Free Press Journal.