Two days after the company and Foxconn ended their joint venture to manufacture semiconductors in the country, Vedanta Ltd's chairman Anil Agarwal announced that the company intends to enter the semiconductor manufacturing business this year and has lined up partners.

"We're collaborating on a semiconductor project," Agarwal announced at the company's annual general meeting on Wednesday that, subject to government approvals, your company would begin a historic foray into semiconductor and display fab this year. "This will open an entirely new avenue of rapid growth in a sector that is strategic for the country," he said of the corporation.

Currently, India imports $100 billion in electronics each year, with semiconductors and display glass accounting for $30 billion of that total. Foxconn and Vedanta announced a $19.5 billion joint venture in February 2022 to manufacture semiconductors and display panels in India. As a result, they were among the first few companies to join the government's critical India Semiconductor Mission.

Vedanta Group, the country's first integrated semiconductor and display fab company, announced last week that it will purchase the semiconductor and display assets from Twin Star Technologies Ltd. The company also owns AvanStrate, the world's fourth-largest producer of glass substrate.

The company, which specialises in natural resources, is also active in the production of oil and gas, aluminium, zinc, copper, steel, and iron ore. "Our strong presence in the natural resources sector is expected to yield even stronger returns in the coming years," added Agarwal.