JULY 20238TOP STORIESIndian cabinet has given the go-ahead for U.S. chipmaker Micron Technology to move on with its $2.7 billion plan for a semiconductor testing and packaging unit as Prime Minister Narendra Modi arrived in the United States. According to the official, who wished to remain anonymous, the cabinet has also approved production-related incentives worth 110 billion rupees ($1.34 billion) for the facility, which is planned to be built in Gujarat.Throughout Modi's current trip to the United States, an official announcement is anticipated. The source told Reuters that because the incentive package is so large, cabinet approval is required. Even though information about Micron's proposal has previously surfaced, the probable cabinet approval is an important development. Representatives from Micron and the Indian government, including the technology ministry.PM Modi is set to meet with top executives from well-known American corporations during his tour, which began on Tuesday. These companies include FedEx and MasterCard. He will also be honoured on June 22 at a state banquet held at the White House. The White House is encouraging American semiconductor makers to make investments in India, and Micron Technology's project is in line with those objectives. According to representatives of the U.S. administration, discussions on potential future investments are still ongoing. In order to increase the capabilities of its different commercial operations, Vedanta Ltd expects to invest $1.7 billion in the current fiscal year, according to company chairman Anil Agarwal. He claimed in the company's annual report for the fiscal year 2022­2023 that it had already spent $1.2 billion on expansion capital expenditures in FY2023 to increase its assets and production. In FY 2024, "We anticipate allocating an additional $1.7 billion towards growth projects," Agarwal said.The chairman discussed specifics of the business's projects and stated that Vedanta is already increasing its zinc and aluminium production capacities. With a goal of contributing 50 percentage to India's total oil and gas output, he said, "our oil and gas operations, which make up close to one-fourth of the country's production, are also diversifying their reserves and resources portfolio."Regarding the company's performance in the fiscal year that ended on March 31, FY23, he noted that during that time, Vedanta had to operate in a macro-environment that was challenging and uncertain due to a protracted geopolitical conflict, an energy crisis that followed, and harsh monetary policies used by central banks. Although it recorded revenue of Rs. 1,45,404 crore and EBITDA of Rs. 35,241 crore, it delivered good operational performance. A solid net-free cash flow of Rs.18,077 crore was produced by the corporation. INDIA APPROVES MICRON'S $2.7 BILLION CHIP TESTING PLANT AMID PM MODI'S US VISITVEDANTA LTD AIMS TO INVEST $1.7 BILLION ON EXPANSIONPROJECTS IN FY24
< Page 7 | Page 9 >