Vedanta Group announced on Monday that it has signed memorandums of understanding (MoUs) with 20 Korean display glass companies to develop an electronics manufacturing hub in India.

The Memorandums of Understanding were signed at the recently concluded 'Korea Biz-Trade Show 2023' event organised by KOTRA, the South Korean government's state-funded trade and investment promotion organisation, in collaboration with Korea's Ministry of Trade, Industry, and Energy.

"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, Global Managing Director of Vedanta's Semiconductor and Display business.

"We showcased the immense investment opportunities that our country has to offer, supported by conducive policies, good talent, and a robust innovation ecosystem," he added, in collaboration with the Indian government.

Hebbar invited potential partners and customers to join Vedanta in establishing an electronics hub, which would be aided by favourable government policies.

The proposed electronics ecosystem hub could attract more than 150 companies and generate up to 100,000 direct and indirect jobs.

One of the anchors for this proposed hub would be Vedanta's greenfield display fab.

According to Amit Kumar, India's Ambassador to South Korea, the Indian electronics industry is one of the fastest growing in the country, with a market value of $300 billion expected by 2026, driven by robust domestic demand, government incentives, and rising consumer spending power.

He noted that this presents a lucrative opportunity for Korean companies known for their technological prowess and innovation to enter the vast and expanding Indian market.

Vedanta received a similar invitation for a roadshow in Japan last December, which was attended by more than 200 delegates from approximately 100 companies.