Vedanta-Foxconn's Rs 1.54 lakh crore investment in Gujarat causes uproar in Maharashtra; know all about the issue here

Vedanta Limited is a vastly diversified Indian multinational company that has a prominent presence in the power generation, mining, oil and gas sectors. It has a revenue of over $20 billion. Hon Hai Technology Group, also known as Foxconn internationally, is a Taiwanese multinational electronics manufacturer ranked 22nd in the 2021 Fortune Global 500.

FPJ Web DeskUpdated: Tuesday, September 13, 2022, 05:09 PM IST
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Vedanta-Foxconn's Rs 1.54 lakh crore investment in Gujarat causes uproar in Maharashtra; know all about the issue here | ANI

Multinational mining company Vedanta Limited has chosen Gujarat for its $20 billion (Rs 1.54 lakh crore) semiconductor project. A joint venture with Taiwan’s Foxconn, the project is Vedanta’s first major step towards diversification into the chip-making industry. 

Headquartered in Mumbai, the firm has its main operations in iron ore, gold and aluminium mining in Goa, Karnataka, Rajasthan and Odisha. Vedanta Limited is a vastly diversified Indian multinational company that has a prominent presence in the power generation, mining, oil and gas sectors. It has a revenue of over $20 billion. Hon Hai Technology Group, also known as Foxconn internationally, is a Taiwanese multinational electronics manufacturer ranked 22nd in the 2021 Fortune Global 500.

Why is the opposition slamming the Maharashtra government in the state?

Maharashtra had wooed the oil-to-metal major for months to get the semiconductor business. Observers said the development will warm the cockles of the ruling BJP in Gujarat that goes to polls this December.

Sources indicated that Vedanta opted for our neighbouring state as its government offered irresistible financial and non-financial subsidies on capital expenditure and cheap electricity to build its plants near Ahmedabad.

Former minister Aaditya Thackeray blamed Shinde-Fadnavis government for not doing enough for the proposed project to come up in the state and said, "Maharashtra has not just lost $20 bn semiconductor project to Gujarat but also 170 allied industries and about 1 lakh jobs."

"MVA Industries Minister Sh. Subhash Desai ji & Environment Minister Sh Aaditya Thackeray had initiated the discussion up to the final stage. The government fell and the ‘ED’ sarkar claimed credit for it & used it for PR news in July. Now in September handed it over to Gujarat," tweeted Sena MP Priyanka Chaturvedi. 

What did PM Modi say about new investment in Gujarat?

Vedanta-Foxconn's Rs 1.54 lakh crore proposed investments to set up semiconductor manufacturing plants in Gujarat will "create a significant impact to boost economy and jobs", Prime Minister Narendra Modi said on Tuesday.

Home Minister Amit Shah said Vedanta-Foxconn's proposal to set up the semiconductor plant in Gujarat is a big achievement for the state. Shah praised Gujarat Chief Minister Bhupendra Patel for attracting big investments in the state.

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