Vedanta Group led by Anil Agarwal is all set to acquire 100 percent stake in semiconductor and display unit from sister concern Twin Star Technologies.
Twin Star Technologies is a wholly owned subsidiary of Volcan Investments Ltd which again is the ultimate holding company of Vedanta Limited. This new addition will make Vedanta country’s first company in integrated semiconductor and display business.
Vedanta Ltd in its regulatory filings said, “The Board of Directors at their meeting held today, July 7, 2023, have considered and approved the acquisition of 100 per cent of Vedanta Foxconn Semiconductors Private Limited (VFSPL) and Vedanta Displays Limited (VDL), wholly owned subsidiaries of Twin Star Technologies Limited (TSTL) via share transfer at face value.”
The transaction is expected to be closed in the current quarter. Vedanta said that semiconductors and manufacturing of display glasses is a true representation of huge growth opportunities in the country.
Vedanta Group Chairman Anil Agarwal in his statement said, “Vedanta is committed to making India self-reliant in electronics. This is the beginning of the creation of a Silicon Valley in India, a cutting edge and world class electronics ecosystem. My dream is for every Indian youth to have an affordable smartphone, laptop and an electric vehicle.”
The semiconductors market stood at $24 billion in 2022 and is expected to reach $80 billion by 2026 whereas display panel market which currently stands roughly around $7 billion is expected to rise upto $15 billion by 2025.
Company also said that Made in India semi conductors and glass panels will be part of smartphones, laptops, television sets and electric vehicles and they have set up a plant with an investment of Rs 1.5 lakh crore for the same which will start gene
Ahmedabad Plane Crash