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Vedanta, Foxconn to invest $19.5bn in India's Gujarat chip project

Subsidized by Modi's home state, the joint venture will create 100,000 jobs

India's oil-to-metals conglomerate Vedanta is financing a chip project in Gujerat as it looks to diversify into the semiconductor industry while Foxconn is acting as its technical partner.   © Reuters

NEW DELHI (Reuters) -- Vedanta and Taiwan's Foxconn will invest $19.5 billion (1.54 trillion rupees) under a pact signed on Tuesday to set up a semiconductor project in Gujarat, Indian Prime Minister Narendra Modi's home state.

Reuters was first to report on Monday that the joint venture obtained subsidies including on capital expenditure and electricity from Gujarat.

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