Key Points of Vedanta MoUs with Korean Display Glass Makers:
- The Vedanta Group has signed MoUs with 20 Korean display glass manufacturers, according to news agency Bloomberg.
- The company previously announced plans to set up semiconductor and glass fab units in Gujarat with a total investment of $20 billion and the potential to create over 100,000 jobs.
- The goal of the project is to provide affordable electronics to Indians and attract global players across the value chain.
- Vedanta is currently in talks with Farallon Capital Management to raise at least $1 billion, as reported by Bloomberg in April.
- The company relied on dividends from its Mumbai-listed company to repay debts of its London vehicle, which has been facing cash flow concerns.
- This latest move by Vedanta represents a significant step forward in its plans to become a major player in the global electronics industry.
- The company is well-positioned to capitalize on the growing demand for affordable electronics in India and beyond.
Details of Vedanta MoUs with Korean Display Glass Makers:
Vedanta Group Signs MoUs with 20 Korean Display Glass Manufacturers
The Vedanta Group, led by Anil Agarwal, has signed memoranda of understanding (MoUs) with 20 Korean display glass manufacturers, according to CNBC-TV18 citing news agency Bloomberg. This follows the earlier announcement in 2022 of Vedanta-Foxconn’s plan to set up semiconductor and glass fab units in Gujarat, with a total investment of $20 billion and the potential to create over 100,000 jobs. The aim is to provide affordable electronics to Indians and attract global players across the value chain.
In addition, Bloomberg reported in April that Vedanta is in talks with US-based Farallon Capital Management to raise at least $1 billion, although discussions are still ongoing and no final decision has been made.
Last year, Vedanta topped the chart for the stock with the highest dividend yield in India. The Mumbai-listed company has been relying on these dividends to repay debts of its London vehicle, which has been facing cash flow concerns.
This latest move by Vedanta represents a significant step forward in its plans to become a major player in the global electronics industry. With the investment and job creation potential of the Gujarat project, the company is well-positioned to capitalize on the growing demand for affordable electronics in India and beyond.
About Vedanta:
Headquartered in Mumbai, India, Vedanta Ltd is a multinational mining company primarily engaged in the extraction of iron ore, gold, and aluminum from mines located in Goa, Karnataka, Rajasthan, and Odisha.
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