Vedanta Group aims to start building chip plants in India in last quarter this year

Vedanta Group expects to start building chip plants from December and expect it to be a key in transforming India from developing economy to a developed country.In an interview to PTI, David Reed, CEO of Vedanta-Foxconn Semiconductors Limited said the first wafer fab will be placed in Dholera, Gujarat. "We are working on everything to have revenue by 2027," Reed said.Vedanta and Foxconn in September last year signed a Memorandum of Understanding (MoU) with the Gujarat government to invest Rs 1,54,000 crore to set up the plant in the state. This will be the first manufacturing facility for semiconductors in India.Three companies are known to have applied for setting up electronic chip plant in India --which is a key component used for technology devices. Business in several sectors like automobile, mobile phones took a dip after supply of semiconductor was impacted due to the pandemic.India will become the 5th country to have a semiconductor manufacturing ecosystem after the US, China, Taiwan and Korea.