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Vedanta adds Semiconductors and Display Glass ventures to its portfolio

Jul 11, 2023

By: BlinkX Research Team

India’s natural resources and technology conglomerate Vedanta Limited announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio.

This represents a large growth opportunity for India where the semiconductor market stood at $ 24 bn in 2022 and is estimated to reach $ 80 bn by 2026. The display panel market is estimated to be worth $ 7 bn and is expected to grow to $ 15 bn by 2025.  Currently, India imports 100% of these requirements. Vedanta Limited’s twin ventures will provide added momentum to the Government’s goal of Atmanirbharta in electronics.

The global semiconductor industry is at an exciting juncture. India is in a sweet spot to capitalize as the world looks to diversify critical supply chains in semiconductors and display fab. 

In approving these acquisitions, the Board of Vedanta Limited believes Vedanta and its shareholders, as well as India’s economy, can benefit from the tremendous opportunity these shifting global dynamics provide.

The acquisition will be effected by way of a share transfer at face value of Twin Star Technologies Limited’s (“TSTL”) Semiconductor and Display SPVs. TSTL is a wholly owned subsidiary of Volcan Investments Limited, the ultimate holding company of Vedanta Limited.

Vedanta has an existing presence in the LCD glass substrate business through its subsidiary Avanstrate Inc. which is a pioneering top global manufacturer of LCD glass substrates. Vedanta is therefore in a strong position to leverage its experience and expertise in its glass business to its new presence in the Display ecosystem in Japan, Korea and Taiwan.

A Memorandum of Understanding (MoU) has also been signed by the respective SPVs in September 2022 with the Government of Gujarat, to set up the semiconductor and display fabs, in Dholera, Gujarat.

Source: Media reports