India’s Vedanta Group signs MoUs with 20 Korean companies from display glass industry

Vedanta Group has signed memorandum of understanding (MoU) with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India.

Vedanta was invited to a roadshow at the recently-concluded Korea Biz-Trade Show 2023 event organized by KOTRA – the state-funded trade and investment promotion organization operated by the Government of South Korea – in collaboration with Korea’s Ministry of Trade, Industry and Energy.

Akarsh K. Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display business presented his plans of setting up a display fab in India. He invited prospective partners and customers to join Vedanta in establishing an electronics hub, supported by favorable government policies.

“More than 50 companies have shown their interest in partnering with us. We are pleased to announce that we have signed MoUs with 20 Korean companies engaged in the electronics manufacturing value chain,” said Akarsh K. Hebbar. “Along with the Indian Government, we showcased the immense investment opportunities that our country has to offer, supported by conducive policies, good talent and a robust innovation ecosystem.”

While pitching to business leaders from Korea’s electronics industry, Akarsh spoke about the scale and size of the proposed electronics ecosystem hub. He said the hub had the potential to attract more than 150 companies, and create upwards of 100 thousands direct and indirect jobs. He said Vedanta’s greenfield display fab would be one of the anchors for this proposed hub, and offered help to any company willing to explore India as an investment destination.

Indian Government officials – led by H.E. Amit Kumar, India’s Ambassador to South Korea – participated in the roadshow and spoke about India’s investment-friendly policies.

Amit Kumar said that the Indian electronics industry is of one the fastest sectors in the country and is expected to reach $300 billion by 2026, driven by robust domestic demand, government incentives, and increasing consumer spending power. He pointed out that this presents a lucrative opportunity for Korean companies, known for their technology prowess and innovation, to tap into a vast and growing Indian market.

Manish Naik, Assistant Director, ICT and e-Goverance, Department of Science and Technology (GSEM), Government of Gujarat, showcased infrastructure facilities being offered at Dholera SIR, the country’s first industrial greenfield smart city, and outlined Government incentives on offer for Korean companies.

In December 2022, Vedanta had received a similar invitation for a roadshow in Japan, which was attended by more than 200 delegates from around 100 companies. That roadshow concluded with Vedanta signing MoUs with 30 Japanese firms.

Vedanta Group company Avanstrate Inc. is a pioneering leader in the display glass industry with manufacturing footprint in Korea and Taiwan. Avanstrate’s Pyeongtaek-si plant in Korea has been operational for more than 15 years, and manufactures Gen 4 to Gen 8 TFT display glass. The facility also serves as the company’s R&D center, working on developing wafer glass, ultra-thin glass, next generation cover glass and AR/VR glass applications.