 "Make in India")
Twinstar Display Technologies, promoted by Volcan Investments, today sign a Memorandum of Understanding (MoU) with the Government of Maharashtra, to set up a LCD manufacturing unit, known as Panel FAB. Under the agreement, Twinstar Display Technologies will invest $10 billion over 5 phases. The deal was signed at the inaugural day of Make In India Week in the presence of the Prime Minister Narendra Modi at the MMRDA grounds, Bandra Kurla Complex.
"We have made good of the promise we made to the nation during the Digital India Summit in July 2015. We are happy to participate in two of the Government's key initiatives - the 'Make in India' campaign as well as 'Net Zero Electronics import by 2020'. We will endeavour to make India a significant export hub of display units with the setting up of Panel FAB," said Anil Agarwal, Chairman, Vedanta Group.
Panel FAB is expected to begin production by 2018, with full production over next 10 years subject to external environment. Upon completion, the project will provide direct and indirect employment to over 30,000 people, and contribute 7% - 10% to Maharashtra's Industrial Gross Domestic Product. The project requires about 300 acres of land and two locations have been shortlisted so far. However, the state government official hinted that the project may come up in the under developed Vidarbha or Marathwada.
The company release said India's is one of the fastest growing markets for LCD Panel based products such as TV/Smartphones/Tablets/Desktops/Laptops. At present, all LCD panels are imported. By 2020, India's LCD Panel import bill is expected touch $10 Billion. Panel FAB will not only significantly reduce this, but also earn foreign exchange through exports.
''A FAB unit can only be successful if the whole ecosystem around it develops and Twinstar Display Technologies is confident of bringing many ancillary partners to the country and make India a leading Electronic System Design and Manufacturing (EDSM) destination,'' the company said in a release.
PROJECT HIGHLIGHTS
* Project envisions to realise the targets of Make in India and Net Zero Electronics import by 2020
*Over 30,000 people will get direct & indirect employment with the setting up of one of the world's largest LCD fab units
* Requires about 300 acres of land and two locations have been shortlisted so far
*Company claims it is India's first and one of the world's largest LCD fab units.
