Proceeding with filing fresh application under modified display-scheme; semiconductor one under govt consideration: Vedanta

Vedanta on Monday said its semiconductor application under the modified scheme is under consideration by the government, while for display fabs it is now proceeding with filing a fresh application under the modified display scheme.

In a BSE filing, the Indian conglomerate expressed its resolve and commitment to produce critically important semiconductors and display glass/modules for the growing Indian market.

"Vedanta is committed to the vision of 'Atmanirbhar Bharat' to make India self-reliant in semiconductors and electronic displays and to proceed to set up semiconductor fabs and electronic display fabs in India," it said.

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Offering a business update on display fab, Vendata noted that the window is open for receiving applications under the Modified Display Scheme.

"We are now proceeding with filing a fresh application under the Modified Display-Scheme," Vedanta's filing said.

Apart from the semiconductor application, Vedanta through its SPV had submitted an application on February 15, 2022 to the Government for grant of approval under the scheme for setting up of Display Fabs in India (dated December 21, 2021).

The government came out with a Modified Scheme for setting up of Display Fabs in India on October 04, 2022.

"It has been communicated by ISM (India Semiconductor Mission) that our old application of February 2022 has not been approved and an application under the Modified Display-Scheme may be filed," the company informed adding it is now proceeding with a fresh application accordingly.

On the chip-making side, Vedanta through its SPV submitted an application on February 15, 2022, to the Government for a grant of approval under the scheme for setting up semiconductor fabs in India (dated December 21, 2021).

The government came out with a Modified Scheme for setting up of semiconductor fab in India on October 04, 2022, and Vedanta through its SPV filed another application under the modified norms.

"It has been communicated to us by India Semiconductor Mission (ISM) that our old application of February 2022 has not been approved and accordingly, the old semiconductor application process is now concluded. Our application under the Modified Semi-Scheme is under consideration for approval by the Government," the filing said.

Foxconn recently announced its withdrawal from the semiconductor joint venture with oil-to-metals conglomerate Vedanta.

Foxconn later said it is working on separate plans to apply for incentives under the semiconductor and display fab programme, as the contract manufacturer pledged its commitment to India.

After the withdrawal of Taiwanese electronic contract manufacturer Foxconn from its chip joint venture, Vedanta had asserted that it is fully committed to its semiconductor project and has lined up other partners to set up India's first foundry.