The Vedanta group is restructuring its semiconductors and display glass manufacturing ventures by bringing them under Vedanta Ltd.
Vedanta Ltd today announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio.
It will acquire 100 per cent of Vedanta Foxconn Semiconductors Pvt Ltd (VFSPL) and Vedanta Displays Ltd (VDL), wholly owned subsidiaries of Twin Star Technologies Ltd (TSTL) through share transfer at face value.
TSTL is a wholly owned subsidiary of Volcan Investments Ltd, the ultimate holding company of Vedanta Ltd.
Vedanta said in a press statement that the move represents a large growth opportunity for India where the semiconductor market stood at $ 24 billion in 2022 and is estimated to reach $ 80 billion by 2026.
It added that the display panel market is estimated to be worth $ 7 billion and is expected to grow to $ 15 billion by 2025.
According to the company, in approving these acquisitions, its board believes Vedanta and its shareholders, as well as India’s economy, can benefit from the tremendous opportunity these shifting global dynamics provides.