India’s efforts to become a major semiconductor manufacturer have just got a big boost with the announcement of the Taiwanese contract manufacturer Foxconn teaming up with Indian steel and oil company Vedanta in an effort to build a manufacturing plant for semiconductors in the country.

On Monday, Foxconn revealed that they have entered into a Joint-venture, with Vedanta holding the majority share of the equity. Foxconn further informed that Anil Agarwal, the founder, and chairman of Vedanta Resources Limited will also be the chairman of the joint venture company. The name of the joint venture company has not been made public yet, along with what kind of semiconductors the newly-formed company plans to manufacture.

Foxconn has mentioned that discussions are underway with various state governments regarding where the fab will be set up by the company. Nevertheless, the new venture is sure to create multiple jobs opportunities in the country.

The new joint venture between Vedanta and Foxconn is a result of the recently announced Performance Linked Incentive (PLI) scheme for electronics manufacturing by the Indian government. The scheme provides many benefits to foreign companies who choose to set up their manufacturing units in the country and also fulfills the government’s “Make in India” agenda.

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