New Delhi, India - Vedanta Limited, a metals and mining conglomerate, announced on Friday that it would acquire 100% of Vedanta Foxconn Semiconductors Private Limited (VFSPL) and Vedanta Displays Limited (VDL) from its holding company, Twin Star Technologies Limited.

VFSPL and VDL are joint ventures between Vedanta and Foxconn, a Taiwanese electronics manufacturing company. The two companies were formed in 2021 to set up semiconductor and display manufacturing plants in India.

The acquisition of VFSPL and VDL will give Vedanta a major foothold in the semiconductor and display industries. The company said that it plans to invest $19.5 billion in the two businesses over the next five years.

Vedanta's CEO, Anil Agarwal, said that the acquisition was "a major step forward in our plans to become a leading player in the global semiconductor and display industries." He added that the company was "committed to building a world-class semiconductor and display ecosystem in India."

The acquisition of VFSPL and VDL is the latest in a series of moves by Vedanta to expand its presence in the semiconductor industry. In 2022, the company acquired a 70% stake in Neo Power Systems, a chip design company. Vedanta also has plans to build a semiconductor manufacturing plant in India.

The acquisition of VFSPL and VDL is a sign of the growing importance of the semiconductor industry in India. The country is a major consumer of semiconductors, but it does not have a significant manufacturing base. The government of India has been trying to attract investment in the semiconductor industry, and the Vedanta acquisition is a major boost to those efforts.