Anil Agarwal to invest $10 billion in Maharashtra to set up LCD plant.
Twinstar Display Technologies will invest $10 billion over five phases in setting up the plant.
Billionaire Anil Agarwal will invest $10 billion over five phases to set up India’s first LCD (liquid-crystal-display) manufacturing unit in Maharashtra.
Twinstar Display Technologies Ltd, promoted by Volcan Investments, will sign a so-called memorandum of understanding (MoU) with the Maharashtra government to set up a LCD manufacturing unit, known as Panel FAB (panel fabrication).
Volcan Investments is the parent company of Twinstar, Vedanta Group and Sterlite Technologies Ltd.
Under the agreement, Twinstar Display Technologies will invest $10 billion over five phases in setting up India’s first and one of the world’s largest LCD fab units.
“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 the next 10 years subjected 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.
Nagpur and Pune are on top of the list for the manufacturing site, said a person close to the development requesting anonymity.
India’s is one of the fastest growing markets for LCD panel-based products such as TV, smartphones, tablets, desktops, laptops. Currently, all LCD panels are imported.
By 2020, India’s LCD panel import bill is expected touch $10 billion, according to Twinstar statement. 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,” Twinstar Display said.
Agarwal is expected to sign MoU during the ongoing Make In India week (13-18 February).
Make in India is the current government’s flagship initiative, launched by the prime minister in September 2014, to encourage international companies to manufacture their goods in India.
Make in India Week will be the flagship event to provide greater momentum to the Make in India initiative, and to showcase to the world the achievements of the nation in the manufacturing sector.