Terry Daly appointed Advisor for Vedanta's semiconductor biz

Former IBM executive Terry Daly has been appointed as 'Advisor' by Vedanta for its semiconductor business, the company announced Tuesday. Daly brings over 30 years of experience in the industry, the company said.

“We are pleased to welcome Terry Daly to our team,” said David Reed, CEO, Vedanta-Foxconn Semiconductors Limited (VFSL). “As an industry veteran, Terry brings a vast wealth of knowledge and experience in managing several workstreams that are critical for establishing a world-class semiconductor fab.”

The company said Daly would be responsible for providing strategic counsel and inputs as the conglomerate looks at setting up a state-of-the-art semiconductor unit and semiconductor assembling and testing unit in India.

Daly previously spent over 25 years at IBM working in the semiconductor division. Before joining IBM, he spent five years as an officer in the United States Army.

Indian conglomerate Vedanta had earmarked $15 billion for a foray into the electronic chip and display manufacturing space with plans to scale up the investment to as much as $20 billion.

Vedanta was the first company to make the announcement to invest in semiconductor manufacturing after the government announced a USD 10 billion (Rs 76,000 crore) program to boost electronic chip and display ecosystem in the country.

However, billionaire Anil Agarwal’s plan to build a $19 billion chipmaking plant in India is floundering as his venture struggles to secure a technology partner and faces challenges in obtaining financial incentives from the government.

Seven months after Agarwal announced a chip partnership between his Vedanta Resources Ltd. and Taiwan’s Hon Hai Precision Industry Co., the venture is yet to tie up with a fabrication unit operator or license manufacturing-grade technology, people familiar with the matter said. One of those is required for the venture to receive the significant financial incentives the government has pledged for such projects.

Prime Minister Narendra Modi’s administration has launched an ambitious $10 billion drive to jump start local chip production, joining several countries including the US in trying to boost chip output to reduce reliance on expensive imports and dependence on Taiwan and China. India’s plan has yet to result in any of the major global chip players shifting base to the South Asian nation, underscoring the massive challenge supply chain shifts involve.