 "Anil Agarwal")
Vedanta Group's $10-billion LCD screen plant, which is billed as the country's first, will start production in 2018, Chairman Anil Agarwal has said.
"Panel FAB is expected to begin by 2018 with full production over the next 10 years subject to external environment," Agarwal told PTI in an interview.
This will be the largest investment made in setting up of an electronics plant in India.
Also Read
It will be operated by Twinstar Display Technologies and will not fall under any of the Vedanta group companies' current business ambit.
"The proposed LCD manufacturing unit, the first of its kind in India, will be operated by Twinstar Display Technologies. It is promoted by Volcan Investments Ltd, whose other investments include Vedanta Resources and Sterlite Technologies," he said.
Agarwal along with his family holds majority stake in Volcan Investments.
"We endeavour to make India a significant export hub of display units with the setting up of Panel FAB," he said.
At present, all LCD displays used in mobile phones, TV screens and computers are imported.
"India is one of the fastest growing markets for LCD panel based products such as TV, smartphones, tablets, desktops and laptops.
"By 2020, India's LCD panel import bill is expected to touch $10 billion (about Rs 68,000). Panel FAB will not only significantly reduce this but also earn foreign exchange through exports," Agarwal said.
Vedanta had made commitment to set-up LCD plant at the first Digital India week inaugurated by Prime Minister Narendra Modi in July last year.
"We have made good of the promise we made to the nation during Digital India. 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'," Agarwal said.
At the event, industry had committed to invest Rs 4.5 lakh crore with a potential to generate 18 lakh jobs.
Agarwal-promoted LCD firm had signed an agreement with Maharashtra government for the plant.
"Twinstar will invest $10 billion spread across five phases. The unit will be operated by Twinstar and not Vedanta. The project requires about 300 acres of and and two locations have been shortlisted so far," he said.
