Gujarat pips Maha, inks Rs 1.54L cr MoU with Vedanta-Foxconn

Mumbai: The Rs1,54,000 crore Vedanta-Foxconn investment was bagged by Gujarat that inked the MoU Tuesday after years of prospective meetings and site visits in five seriously considered states for the most suitable destination to set up a semiconductor and display FAB unit in India. Maharashtra also vied to house the unit, now expected to generate 1 lakh direct employment options, three lakh indirect jobs in Gujarat. Similarly, Telangana, UP and Tamil Nadu had pitched to attract the investment into India into their states. A person familiar with the development said, “Gujarat has pipped Maharashtra to the post in this particular deal. However, the ancillary industry and law and order situation may have made a big difference to finalize the project in Gujarat.” The source added that while each contender state offered the best deal possible to attract the investment, the fact was India successfully landed the sought-after investment after international business houses started looking at alternatives to China.