Vedanta Group signs pacts with South Korean glass companies for manufacturing in India

Indian conglomerate Vedanta Group on Monday said it has signed agreements with 20 South Korean companies from the display glass industry for the development of an electronics manufacturing hub in India. Vedanta was invited to a roadshow at the recently-concluded Korea Biz-Trade Show 2023 organised by South Korean government-funded trade and investment promotion organisation, KOTRA.

"More than 50 companies have shown their interest in partnering with us and we are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain," Vedanta's semiconductor and display business Global Managing Director Akarsh K Hebbar said in a statement.

He presented the company's plans to set up a display fab in India and invited prospective partners and customers to join Vedanta in establishing an electronics hub, supported by favourable government policies.

"Along with the Indian government, we showcased the immense investment opportunities that our country has to offer, supported by conducive policies, good talent and a robust innovation ecosystem," Hebbar said.

He said that Vedanta's greenfield display fab would be one of the anchors for this proposed hub, and offered help to any company willing to explore India as an investment destination.

Vedanta Foxconn JV has applied for setting up a semiconductor manufacturing plant in Gujarat. Vedanta has also applied for setting up a display unit which can be used for making screens of mobile phone, television and other digital devices.

In December 2022, Vedanta had received a similar invitation for a roadshow in Japan, which was attended by more than 200 delegates from around 100 companies. That roadshow concluded with Vedanta signing memoranda of understanding (MoUs) with 30 Japanese firms.

Vedanta Group company Avanstrate Inc specialises in the display glass industry with manufacturing footprint in South Korea and Taiwan.

Avanstrate's Pyeongtaek-si plant in South Korea has been operational for more than 15 years, and manufactures Gen 4 to Gen 8 TFT display glass.

The facility also serves as the company's research and development centre, working on developing wafer glass, ultra-thin glass, next generation cover glass and AR/VR glass applications, the statement said.