Anil Agarwal’s new yarn
Although Agarwal has clarified that investments in the semiconductor business will not be through the locally listed Vedanta Ltd, his company’s actions tell a different story.
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Editor's note: Earlier this year, Vedanta chairman Anil Agarwal disclosed his intent to invest in the semiconductor and electronics manufacturing business. It came as a bit of a surprise, as until then he was known only for making big bets on commodities like steel, aluminium, copper and crude oil. It looked like Agarwal—who is known to seize an opportunity when he sees one—saw a huge business potential in the shortage of semiconductor chips India was facing, and his plans squarely played into Prime Minister Narendra Modi’s call to be self-sufficient when it came to the critical piece of equipment that was wreaking havoc on supply chains for automobile and phone manufacturing companies. It also looked like the government’s announcement last December of a Rs 76,000 crore (about $10 billion at the time) scheme to boost semiconductor and display fab manufacturing in the country played a big role in piquing Agarwal’s interest. Agarwal’s plans, as always, are audacious and striking. The Vedanta group proposed an investment of $22 billion (roughly Rs 1.5 lakh crore) in two separate entities to make semiconductor and display …
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