JULY 20239Two days after the company and Foxconn ended their joint venture to produce semiconductors in the country, Vedanta Ltd's chairman Anil Agarwal said the company plans to enter the semiconductor manufacturing business this year and has lined up partners for the initiative. "We are partnering on a semiconductor project. Agarwal announced at the firm's annual general meeting on Wednesday that your company would start a historic foray into semiconductor fab and display fab this year, subject to government permissions. For the corporation, "this will open an entirely new avenue of rapid growth in a sector that is strategic for the country," he said.Currently, India imports $100 billion worth of electronics annually, of which $30 billion goes to semiconductors and display glass alone. In February 2022, Foxconn and Vedanta announced a $19.5 billion joint venture to produce semiconductors and display panels in India. This made them one of the first few companies to join the government's crucially important India Semiconductor Mission.He underlined domestic manufacturing and asserted that the government's commitment on fostering an investment-friendly climate will benefit the nation because the world views India as a powerhouse for manufacturing. As India's most diversified natural resource corporation, your business is in a good position to take advantage of this significant opportunity. This year, Vedanta plans to invest $1.7 billion in capital projects for expansion. SJVN's proposal to install overhead transmission lines for its 1,000 MW solar power project in Bikaner, Rajasthan, has been granted by the Ministry of Power. On November 15, 2022, SJVN published a notice for the transmission programme in regional newspapers and the Weekly Gazette of India, requesting feedback or objections on the suggested transmission path within 60 days of the publication date.SJVN then declared that Juniper Green Cosmic only submitted one objection, which was eventually withdrawn. The approval from the Ministry of Power is valid for 25 years, and SJVN must get permission from the authorities before building the planned lines. SJVN must abide by the relevant commission's rules for transmission, operation & maintenance, and open access.The villages of Bandarewala, Deensar, Barala, Bhanipura, Sarah Barola, Gol Pratap Singh, Kawni, Mehrasar, Jaimalsar, Nokha Daiya, and Randhisar in the Bikaner district will be crossed by the overhead lines for the transmission programme. The applicant will only operate the lines with the electrical inspector or chief electrical inspector of the central government's approval.A loan of 44.45 billion rupees ($537.14 million) was approved by IREDA in December 2017 for SJVN Green Energy, an SJVN subsidiary, to develop the project near Bikaner. SJVN must follow the Supreme Court's instructions regarding the undergrounding of the overhead transmission lines or the installation of bird diverters if the route of the overhead transmission lines crosses the Great Indian Bustard (GIB) potential area shown on the map, which is a part of the order of the Supreme Court dated April 19, 2021. VEDANTA PLANS TO JOIN THE SEMICONDUCTOR MANUFACTURING THIS YEARMINISTRY APPROVES SJVN'S TO SET UP TRANSMISSION LINES FOR 1 GW SOLAR PROJECTTOP STORY
< Page 8 | Page 10 >