Vedanta to set up semiconductor manufacturing facility in India
What's the story
Vedanta, India's top mining company, has revealed its intention to invest nearly $500 million (around ₹4,300 crore) in AvanStrate Inc (ASI), its display glass subsidiary. The investment will be used to fuel innovation and growth at ASI. The company is also planning to set up a display semiconductor manufacturing facility in India.
Strategic move
Investment aims to boost R&D and manufacturing capabilities
The investment is part of Vedanta's strategy to strengthen ASI's research and development (R&D), manufacturing capabilities, and product offerings. This comes in light of the growing global demand for advanced display glass solutions. Vedanta had previously acquired a 98% stake in ASI earlier this year. The company has operations in Taiwan, South Korea, and Japan.
Technological advancement
ASI's R&D capabilities to deliver future-ready solutions
Akarsh Hebbar, the Global Managing Director of AvanStrate, expressed confidence in ASI's ability to deliver future-ready solutions, thanks to its advanced R&D capabilities and a world-class team of engineers. The company hopes to develop next-generation glass products for potential applications in sectors like semiconductor, biotechnology, and automotive displays among others.
Market expansion
Vedanta's support strengthens ASI's market position
Charlie Lee, CEO of AvanStrate highlighted that Vedanta's expertise and support strengthen their position to expand R&D, scale up production, and also meet evolving market demands. As ASI explores new market segments requiring high-performance materials, it seeks to improve its leadership in the display glass sector with a clear focus on sustainability and long-term growth.