Edging out at least five States in a fierce competition, Maharashtra has walked away with a massive investment of Rs 2.06 lakh-crore investment by Vedanta Group–Foxconn partnership in the sunrise semiconductors chips and display fabrications sector at Talegaon near Pune.
The deal, which incidentally is the single biggest investment of its kind received by Maharashtra was signed in the presence of Chief Minister Eknath Shinde and Deputy CM Devendra Fadnavis on Tuesday.
The states of Gujarat, Tamil Nadu, Karnataka, Telangana and Himachal Pradesh were eyeing for this investment, but ultimately Maharashtra had its way.
Earlier this year, Vedanta Group – a mining giant based in Mumbai – had partnered with the Hon Hai Precision Industry (Foxconn) with plans to invest USD 15 billion in phases over the next five-ten years to manufacture semiconductor chips and displays in India.
Accordingly, Vedanta-Foxconn will invest Rs.166,800 crore and Rs.40,000 crore from other sources for its 1,000-acre proposed manufacturing facility at Talegaon near Pune.