Vedanta jumps on buzz it will create iPhone manufacturing hub in Maharashtra

14 Sep 2022 , 02:52 PM

In a media interview, Vedanta chairman Anil Agarwal said that the company is expected to enter the electric vehicle space as well. Meanwhile, Vedanta and electronics manufacturing giant Foxconn signed a memorandum of understanding with the Gujarat government on Tuesday (13 September) to set up a semiconductor and display FAB manufacturing unit in the state. The MoU was signed in the presence of Minister for Railways, Communications, Electronics & Information Technology, Ashwini Vaishnaw, at a function held in Gandhinagar. Both the companies will invest Rs 1,54,000 crore to set up the facility in Gujarat, which would create one lakh job opportunities. Patel also said his government will provide cooperation to set up the facility and to make it a success. Vedanta, a subsidiary of Vedanta Resources, is one of the worlds leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia. On consolidated basis, Vedantas net profit rose 6% to Rs 5,592 crore on 36% increase in net sales to Rs 38,251 crore in Q1 FY23 over Q1 FY22. Shares of Vedanta have surged 18.22% in five sessions. Powered by Capital Market – Live News