The Vedanta Group has announced that it has inked memoranda of understanding (MoUs) with twenty Korean companies operating in the display glass industry in order to establish a manufacturing base for electronic goods in India. The Memorandums of Understanding were signed during the recently finished ‘Korea Biz-Trade Show 2023’ event. This event was produced by KOTRA, which is a state-funded trade and investment promotion organisation administered by the South Korean government. KOTRA organised this event in collaboration with Korea’s Ministry of Trade, Industry, and Energy.
According to Akarsh K. Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display business, “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.” “We are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain,” he said. “We showcased the immense investment opportunities that our country has to offer, supported by conducive policies, good talent, and a robust innovation ecosystem,” he continued. This was done in collaboration with the government of India.
Hebbar extended an invitation to potential business partners and customers to collaborate with Vedanta in the establishment of an electronics hub, which would be supported by favourable policies from the government. The projected ecosystem hub for electronics has the capability of luring in excess of 150 businesses and generating up to 1,000,000 direct and indirect employment opportunities.
The greenfield display fab that Vedanta is planning to build would serve as one of the anchors for the proposed hub. According to Amit Kumar, India’s Ambassador to South Korea, the Indian electronics industry is one of the fastest growing industries in the country and is predicted to reach $300 billion by the year 2026. This rapid growth is being driven by strong domestic demand, increased consumer buying power, and various government incentives.
He made the point that this creates a lucrative opportunity for Korean enterprises, who are well-known for their technological expertise and innovative spirit, to tap into a market that is both large and developing in India. In December of the previous year, Vedanta had been extended a comparable invitation for a roadshow in Japan. The event was attended by around two hundred delegates representing close to one hundred different businesses. Vedanta reportedly signed memorandums of understanding (MoUs) with thirty different companies in Japan after the conclusion of that roadshow.
Last year, Vedanta and Foxconn inked a Memorandum of Understanding (MoU) with the government of Gujarat to invest Rs 1,54,000 crore in the establishment of India’s first semiconductor and display manufacturing factory.
