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The recently appointed CEO of Vedanta's untested display business is looking for global expertise to develop and operate a $4 billion (about Rs. 32,811 crore) facility in western India.
YJ Chen, a former employee of Chinese display producer HKC, stated that the display venture will soon begin hiring from South Korea, Taiwan, Japan, and other locations to build up a liquid crystal display panel production plant in India. According to him, the factory would produce up to 3,500 direct employment.
"We need a lot of technicians, very talented people," said Chen, who has 23 years of expertise in the display sector, in an interview in Mumbai, India's financial metropolis. "That's the biggest challenge — people."
Despite being heavily in debt, billionaire Anil Agarwal's metals and mining group is expanding into electronics components to capitalise on India's desire to become a technology manufacturing powerhouse. The display industry is distinct from Vedanta's faltering chip effort and may have a better chance of success because it is a less technically demanding endeavour.
Vedanta, which has a display partnership with Foxconn Group subsidiary Innolux, intends to produce glass and assemble LCD panels at its new plant. According to Chen, the plant might begin production by the end of 2025 provided it receives critical finance from Prime Minister Narendra Modi's government.
PM Modi has committed $10 billion (approximately Rs. 82,028 crore) to entice chip and display manufacturers to come to India, stating that his administration will cover half the cost of establishing all semiconductor and display production sites. While Vedanta's chip aspirations have yet to be approved by the government, its display firm may find it simpler to secure state subsidies with important technology agreements in place. Vedanta also owns AvanStrate, a Japanese company that manufactures layers used in LCD screens.
Meanwhile, the world's leading display producers are abandoning LCD technology in favour of clearer OLEDs. Samsung Display, South Korea's display technology leader, has ended LCD manufacture and is investing billions on next-generation screens. LG Display, a domestic competitor, is also reducing LCD production.
Vedanta's display effort aims to capture a piece of India's display industry, which it expects to expand to $30 billion per year over the next seven years. For long-term success, it will need to compete with low-cost Chinese LCDs and produce newer screens.
"We need to build our own supply chain in India," added Chen. "We will concentrate on new designs in order to reduce costs and compete with the Chinese."