Anil Agrawal is the chairman of the group Vedanta and he explains to a team of professionals why he chose Gujarat over Maharashtra for the Vedanta Foxconn to combine for the upcoming 1.47 lakh crore semiconductor and display fabrication plant. This decision was set off by a political storm in Maharashtra and it also wooed the consortium.
During an interview, he told Mehal Chaliawala and Satish John that he had no say in choosing Gujrat over Maharashtra. He also added that the funds for the project would be raised through debt. The company has no plans as of now but will sell equity stakes.
According to him, it is a professional decision, Foxconn is a top management consultancy firm, an accountancy firm, and an expert. It created a team and they visited five or six states. But each state opened its arms and offered us everything we needed. I had no say at all in choosing Gujarat, but we had a time constraint and we had to move quickly.
The amount involved in setting up the manufacturing complex is very huge, but it will be done in two phases. One is about $10 billion and there is not a single institution in the world that does not want to contribute to it. Funding was never an issue as I took over Balco for Rs 550 crore and I don’t think I had that much money.
FAQ
- What is Foxconn?
Ans. It is a management consultancy firm.
- Who is the chairman of the Vedanta group?
Ans. Anil Agarwal
- What is the total value of the upcoming Vedanta and Foxconn combination?
Ans. Rs 1.5 lakh crore
