Vedanta receives approval to acquire 100% of Vedanta Foxconn Semiconductors and Vedanta Displays

Vedanta has received approval for the acquisition of 100% of Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL), wholly owned subsidiaries of Twin Star Technologies (TSTL) via share transfer at face value. TSTL is a wholly owned subsidiary of Volcan Investments, the ultimate holding company of Vedanta. The Board of Directors at their meeting held on July 7, 2023, have considered and approved the same. 

The company has added semiconductors and display glass manufacturing ventures to its diversified portfolio. This represents a large growth opportunity for India where the semiconductor market stood at USD 24 billion in 2022 and is estimated to reach USD 80 billion by 2026. The display panel market is estimated to be worth $ 7 billion and is expected to grow to USD 15 billion by 2025. Currently, India imports 100% of these requirements. Vedanta’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 believes Vedanta and its shareholders, as well as India’s economy, can benefit from the tremendous opportunity these shifting global dynamics provide. 

Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc-lead-silver, copper, iron ore, aluminum, and commercial power. 

Today, the stock opened at Rs 283, with a high and low of Rs 283.85 and Rs 279.55. The stock is trading at Rs 282, up by 0.82%.