Vedanta acquires 100% stake in semiconductors and displays business

10 Jul 2023 , 10:01 AM

Vedanta Limited announced that the company is set to acquire a 100% stake in the semiconductor and display business, Vedanta Foxconn Semiconductors Pvt. Ltd. and Vedanta Displays Ltd., from sister concern Twin Star Technologies.

Twin Star is a wholly-owned subsidiary of Volcan Investments Limited, the parent company of Vedanta. 

Vedanta will be the first company in India to be engaged in the Integrated semiconductor and Display Fab business. The company expects to close the transaction within the ongoing quarter. 

Vedanta announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio with this restructuring. 

According to Vedanta, semiconductor and display glass manufacturing reflects strong growth opportunities for India. It further stated that the semiconductor market stood at 24 billion in 2022, and may reach USD 80 billion by 2026. 

The display panel market currently is valued at USD 7 billion and will be USD 15 billion by 2025. According to the statement, India currently imports 100% of these requirements.

Vedanta’s Chairman, Anil Agarwal, expressed a strong commitment to fostering self-sufficiency in electronics within India. He envisions the establishment of a state-of-the-art electronics ecosystem, a world-class Silicon Valley. 

At around 9.59 AM, Vedanta was trading 0.18% higher at Rs 281.05, against the previous close of Rs 280.55 on NSE.

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