Vedanta told state governments that its operations will help them generate $ 2.2 billion in tax revenue in 20 years and create up to 100,000 direct and indirect jobs.
Vedanta Ltd, one of the first to board the semiconductor train after the government announced the incentive to produce chips, is reportedly seeking 1,000 acres of free land from the states and other incentives for its $ 20 billion foray into semiconductor manufacturing. and displays.
According to Reuters, although Vedanta is seeking federal incentives under the Modi program, which offers fiscal support, it has been asking the United States for free land rent for 99 years. It needs 700 acres for its own facility and the rest for ancillary facilities.
Vedanta announced in February that it would diversify chip production and announced plans to set up a joint venture with Taiwanese Foxconn to support Prime Minister Narendra Modi’s plans to make India a semiconductor manufacturing center.
Vedanta told U.S. governments that its operations will help them generate $ 2.2 billion in tax revenue in 20 years and create up to 100,000 direct and indirect jobs.
The company is at an advanced stage of considering proposals from at least three Indian states, Telangana and Karnataka in the south and Maharashtra in the west, the publication added.
As part of lobbying the United States, Vedanta requires water and electricity at concessional and fixed prices for 20 years.
Singapore’s IGSS Ventures and ISMC, a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor, have also called for federal incentives for Modi’s program.