Vedanta Group on Monday said it has signed MoUs with 20 Korean display glass companies for the development of an electronics manufacturing hub in India.

Vedanta Group on Monday said it has signed MoUs with 20 Korean display glass companies for the development of an electronics manufacturing hub in India.

“More than 50 companies have shown their interest in partnering with us and we are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain,” said Akarsh K. Hebbar, global managing director of Vedanta’s semiconductor and display business.

Hebbar, who also presented plans of setting up a display fab in India, invited prospective partners and customers to join Vedanta in establishing an electronics hub.

The hub has the potential to attract more than 150 companies and create over 100,000 direct and indirect jobs, he said, adding that Vedanta’s greenfield display fab would be one of the anchors for this proposed hub.

The MoUs were signed at the recently-concluded ‘Korea Biz-Trade Show 2023’.

According to Amit Kumar, India’s ambassador to South Korea, the Indian electronics industry is expected to reach $300 billion by 2026, driven by robust domestic demand, government incentives, and increasing consumer spending power.

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Earlier in December 2022, Vedanta had signed similar MoUs with 30 Japanese firms.

Last year, business conglomerate Vedanta and global manufacturing giant Foxconn had signed an MoU with the Gujarat to set up a $20-billion semiconductor and glass fab units in that state. The project would also provide employment to more than 100,000 people.

https://www.financialexpress.com/industry/vedanta-signs-mous-with-20-korean-companies/3051288/