Vedanta-Foxconn Joint Venture reapplies for Semicon sops

28 Jun 2023 , 11:41 AM

According to the updated India Semiconductor Mission criteria, Vedanta Foxconn Semiconductors Limited (VFSL) has submitted a revised application to receive incentives from the Centre, the business stated in a statement.

‘We submitted the application in accordance with the updated rules. We are dedicated to establishing a top-notch fabrication facility in India, according to a company representative who talked to ET.

In order to establish a facility for the fabrication of semiconductors and displays, as well as chip packaging and testing, VFSL, a 67-33 joint venture between the Vedanta Group of India and the Foxconn Group of Taiwan, has applied to receive incentives under the ministry of electronics and information technology’s 76,000 semiconductor incentive plan.

The business has previously submitted an application to get rewards for producing 28 nm chips. It has since changed its application to produce and receive 40 nm chips.

The business has previously submitted an application to get rewards for producing 28 nm chips. According to news reports, it has since changed its application to produce 40 nm chips and qualify for incentives in that category.

The IT ministry changed the requirements for applying for incentives earlier this year in May and announced that applicants would now be able to submit applications as soon as they either have a production-grade technology or a collaboration with such a company.

In October of last year, the central government decided to grant a flat incentive of 50% to all successful applicants regardless of the type of tech they were bringing into the country. This change in policy came before the current one.

When the 45-day window for businesses to apply under the India Semiconductor Mission was open from January 1 to February 14, 2022, only VFSL, Next Orbit Ventures, which has teamed with Israel’s Tower Semiconductor, and Singapore-based IGSS Ventures had submitted applications for incentives.

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