Vedanta Ltd. Which recently announced the setting up of a semiconductor unit in Gujarat has said, it is planning to create a hub to manufacture Apple iPhone equipment. Reports also bring out that, the hub would also be manufacturing, TV equipment and electric vehicle products in the near future.
Foray Into Electric Vehicle
However, for manufacturing TV and iPhone products, the state has preferred Maharashtra. According to the statement from the CEO of Vedanta, the conglomerate is also looking forward to foraying into the electric vehicle sector.
According to reports, Vedanta which is known as an energy resource conglomerate plans to bring down the carbon emission to nil by 2050. The about section of the Vedanta site says that it is committed to 5 billion dollars in the coming decade to fasten up the transition process.
According to reports, India is aiming to cut down on the emission of carbon. Reports bring out that India wants electric vehicles 30% of the space in cars to be shared by electric vehicles.
Support From Gujarat
According to reports, the company previously announced its venture to manufacture semiconductor chips in Gujarat. Gujarat Chief Minister has said that the venture would create, around one lakh jobs. The chief minister also added that the state of Gujarat would aid in the smooth setting up of the unit. Reportedly the company has come into agreement with a Taiwan-based semiconductor manufacturing company Foxconn.
Previously two other companies have already announced the setting up of Chip markets in the coastal state of Tamil Nadu and Karnataka. Reports also bring out that the state is in competition to bring the investment to their respective states. Reportedly, Gujarat was preferred over Maharashtra as it could not come to terms with some incentive clauses.
Reports bring out that, there is a shortage of chips globally. One of the main reasons for the shortage of chips is mainly due to a hike in demand from cryptocurrency, the shortage was further aggravated by covid 19. Another reason for the shortage of chips is attributed to the hike in the sale of personal computers, the shortage of human capital also contributed to the same. The manufacturing of chips was also affected by the war between Russia and Ukraine.