Anil Agarwal, chairman of Vedanta Group, stated that a “team of professionals” had selected Gujarat for the VedantaFoxconn combination’s upcoming Rs1.5 lakh crore semiconductor and display fabrication facility. This decision triggered a political storm in Maharashtra which was also interesting to the group.
Agarwal stated that he had no say in selecting Gujarat over Maharashtra during an interview. Agarwal stated that the funds would be raised via debt and that there were no plans to sell any equity stakes.
It was a professional decision. Foxconn, a leading management consulting firm, an accounting firm, and an expert formed a team that visited five to six states. Each state was open and willing to help us. Gujarat was the only state I could choose. We were under time constraints and had to act quickly. We didn’t want them to wait for two more months to continue evaluating. We said, “Put your full stop.” We will do what you recommend, and we’ll go with whatever you choose.” They recommended
It is a huge investment to set up a manufacturing facility. How will you finance it?
The funding will be completed in two phases, with the first phase being approximately $10 billion. It is supported by every institution around the globe. Funding won’t be an issue. I didn’t have the money to buy Balco for Rs550 crores when I took it over. I didn’t have the money to pay $14 billion for Cairn energy. These are the projects that everyone looks forward to.
Anil Agarwal is trusted by the world, and I’m not sure why. They believe that if Anil Agarwal takes up something, it will happen. To raise funds, will you part with equity?
No. We will not sell equity at the moment. We will only be raising debt.
New reports suggest that you are considering electric vehicles and smartphones.
No. No. We will be producing semiconductor chips and glass. Like we make zinc, but we don’t galvanize. We can make silver but not jewelry. In the end, semiconductors and glasses must be made into consumer goods. This is not our business. Right now, I am very focused on this.
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