Vedanta Group has announced the reorganisation of its semiconductor business under its holding company, Twin Star Technologies. This move is part of Vedanta's strategy to consolidate its semiconductor operations and focus on growing its global business.

The move comes after the capital market regulator, the Securities and Exchange Board of India (SEBI), fined Vedanta Ltd Rs 30 lakh for violating the market regulator's disclosure criteria.

The semiconductor business, which is currently called Avanstrate, is based in South Korea and Taiwan. It has manufacturing facilities in both countries and it supplies display glass to major smartphone brands such as Samsung and Apple. The display glass business, which is currently called Avangrid, is based in India and it supplies display glass to major television brands such as Sony and LG.

"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 said in a statement.

With this restructuring, Vedanta Limited announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio.

"Vedanta is committed to making India self-reliant in electronics. This is the beginning of the creation of a Silicon Valley in India, a cutting edge and world class electronics ecosystem. My dream is for every Indian youth to have an affordable smartphone, laptop and an electric vehicle," Vedanta Chairman Anil Agarwal said.

Vedanta said that semiconductor and display glass manufacturing represents a large growth opportunity for India.