Claiming that Vedanta-Foxconn shifted to Gujarat after “professional and independent advice”, Vedanta Resources CEO Anil Agarwal on Thursday tweeted that the company will soon create a hub in Maharashtra as part of its forward integration.
Dousing flames for the third day in a row over the $20 billion semiconductor project, Agarwal said, “We will create a pan-India ecosystem and are fully committed to investing in Maharashtra as well. The state will be our key to forward integration in our Gujarat joint venture.”
Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis and state industry minister Uday Samant have hailed the announcement, covering up the embarrassment they have faced.
However, Agarwal has not divulged the details of the size and the time frame of the affiliate project.
Fadnavis, who is currently in Moscow, tweeted, “Thank you very much for choosing Maharashtra for the Vedanta-Foxconn affiliate project! We will always remain competitive and pro-business to attract investment to our state.”
Sweeping away the political furore generated in the wake of this industrial loss, Samant said, “Kudos to Anil Agarwal, president of Vedanta, for deciding… on the affiliate project. The coalition government is determined to attract massive investment and eliminate unemployment in the state.”
Agarwal said, “Vedanta-Foxconn has been professionally assessing sites for its multi-billion dollar investment. This is a scientific and financial process which takes several years. We started this about two years ago.” He said the joint venture decided on Gujarat a few months ago as they met their expectations. But at a meeting with Maharashtra leadership in July, they made a huge effort to outbid other states with competitive offers, he said.
“We have to start in one place, and based on professional and independent advice we chose Gujarat. This multibillion dollar long-term investment will change the course of Indian electronics.” He said their investments in semiconductor and display glass production “will create an ecosystem of industries across the country”.