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Asked Foxconn-Vedanta to resubmit semiconductor manufacturing proposal: Ashwini Vaishnaw

The joint venture between Foxconn and Vedanta has been asked to resubmit their proposal for semiconductor manufacturing in India and will be re-evaluated based on their fresh proposal, IT minister Ashwini Vaishnaw told CNBC-TV18 in an interview on Friday.

Starting June 1, applicants including the Foxconn-Vedanta JV were expected to re-apply for government incentives under the modified semiconductor scheme.

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Semicon India Programme was approved by the cabinet in December 2021 with an outlay of Rs 76,000 crore for the development of semiconductors and display manufacturing ecosystem in India.

Under the Modified Semicon India Programme, the government has increased the financial incentive of 50 per cent of the project cost for companies, consortia, and joint ventures for setting up semiconductor fabs in India of any node (wafer size).

In the old scheme, the incentives varied on the basis of wafer node size.

Similarly, a fiscal incentive of 50 per cent of the project cost is available for setting up of display fabs of specified technologies in India, a statement said on Wednesday.

In a separate press conference, Vaishnaw said that the first Made-in-India chips are expected to be rolled out by December 2024. The minister said 4-5 semiconductor plants are expected to be set up in the country within a year.

First Made-in-India chip will be out by December 2024 while briefing media following a joint statement issued by US President Joe Biden and Prime Minister Narendra Modi in the US.

Vaishnaw

He said that land allocation, factory design work and tax compliance related agreement for the Micron semiconductor plant to be set up in Gujarat has been completed.

First Made-in India chip from Micron is expected to come out in about six quarters from now

Vaishnaw

Computer storage chip maker Micron will set up its semiconductor assembly and test plant in Gujarat entailing a total investment of USD 2.75 billion (around Rs 22,540 crore),

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