New Delhi: NRI billionaire Anil Agarwal on Saturday announced that he will set up India's first LCD manufacturing facility, which will see an investment of $10 billion (about Rs 68,000 crore) in five phases.
Agarwal-led firm Twinstar Display Technologies will sign a memorandum of understanding (MoU) with Maharashtra government to set up the facility. The pact will be inked as part of the Digital India week, which commences in Mumbai today.
In July last year, Agarwal-led firm had announced an investment of Rs 40,000 crore to set up a LCD panel plant in the country, generating about 50,000 jobs.
"Twinstar Display Technologies promoted by Volcan Investments will sign a MoU with the Government of Maharashtra to set up India's first LCD Manufacturing Unit, known as Panel FAB. 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," Twinstar Display said in a statement.
Volcan Investments - the parent company of Twinstar, Vedanta Group and Sterlite Technologies - will sign an MoU with the government of Maharashtra during the 'Make in India' week, it added.
"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'," Agarwal, who is Chairman of the Vedanta Group, said.
The firm will try to make India a significant export hub of display units with the setting up of Panel FAB, he added.
Panel FAB is expected to begin production by 2018, with full production over next 10 years subjected to external environment. Upon completion, the project will provide direct and indirect employment to over 30,000 people, the firm said. It will also contribute 7-10 per cent to Maharashtra's Industrial Gross Domestic Product. The project requires about 300 acres of land and two locations have been shortlisted so far, it added.
India's is one of the fastest growing markets for LCD Panel based products such as TV, smartphones, tablets, desktops and Laptops.
At present, all LCD panels are imported. By 2020, India's LCD Panel import bill is expected touch USD 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 firm said.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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