Vedanta to take over Foxconn Chip joint venture from Twin Star Technologies

Anil Agarwal-led Vedanta Group will acquire 100 percent stake in semiconductor and display units from sister concern Twin Star Technologies, the conglomerate said on Friday. 

Twin Star Technologies is a wholly-owned subsidiary of Volcan Investments Limited which is the ultimate holding company of Vedanta Limited.

The new structure will make Vedanta India's first company in Integrated Semiconductor and Display Fab Business.

The transaction is expected to close during the ongoing quarter.

With this restructuring, Vedanta Limited announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio.

Vedanta said that semiconductor and display glass manufacturing represents a large growth opportunity for India.

It said that the semiconductor market stood at $24 billion (nearly Rs. 1,98,270 crore) in 2022 and is estimated to reach $80 billion (nearly Rs. 6,60,900 crore) by 2026.

The display panel market is estimated to be worth $7 billion (nearly Rs. 57,800 crore) and is expected to grow to $15 billion (nearly Rs. 1,23,900 crore) by 2025. Currently, India imports 100 percent of these requirements, the statement said.