Vedanta To Invest Rs 4,300 Crore In Display Glass Unit AvanStrate
The company said that it was making this investment to spur innovation and expansion within AvanStrate Inc.
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Vedanta Ltd. is set to invest approximately Rs 4,300 crore or $500 million in its display glass unit AvanStrate Inc, according to a statement from the company on Monday.
Vedanta Group stated that it is considering the establishment of a display semiconductor manufacturing unit in India.
AvanStrate Inc is a global display glass manufacturer that is fully managed by Vedanta.
The company said that it was making this investment to spur innovation and expansion within ASI, in order to consolidate its focus on research and development, along with its manufacturing capabilities and product offerings in order to meet the increasing global demand for advanced display glass solutions.
"This strategic investment from Vedanta Group is reflective of our clear and definitive shift in focus toward significant growth-oriented projects. We are confident that ASI’s cutting-edge research and development capabilities and world-class team of engineers are well placed to deliver a stream of future-ready solutions to our customers and partners propelling the company onto a path of positive industry disruption," AvanStrate Global Managing Director, Akarsh Hebbar, said.
Vedanta had obtained a 98% stake in ASI earlier this year.
ASI has operations and research and development capabilities present in countries such as Taiwan, South Korea and Japan and plans to ramp up the development of next-generation glass products designed for advanced packaging and potential applications in the semiconductor, biotechnology, automotive displays, and other high-growth sectors.
"The expertise and support from Vedanta places us in a strong position to expand our research and development, scale up production, and meet evolving market demands. As ASI advances into new market segments, meeting the demand for high-performance materials, we are set to enhance our leadership in the display glass sector and beyond, with a clear focus on sustainability and long-term growth," AvanStrate Inc's Chief Executive Officer Charlie Lee said.
(With Inputs From PTI)
