Vedanta Group's Anil Agarwal to set up India's first LCD panel plant

Vedanta Group's owner Anil Agarwal is setting up the country's first LCD panel manufacturing plant in Maharashtra with an investment of $10 billion ( Rs 68,000 crore).

The investment is through a new company called Twinstar Display Technologies, which is promoted by holding company Volcano Investments, chairman Agarwal said in an exclusive interview with ET. The metals tycoon is set to sign a memorandum of understanding with Maharashtra government on the first day of 'Make in India' week.

"All over the world you see Made in China electronics, but India can also manufacture its own electronics," Agarwal said. "We worked with the government and agreed this project has to be aMade in India product." Agarwal said the company will endeavour to make India a significant export hub of display units with the setting up of the unit, known as Panel FAB. India's LCD market is entirely import-dependent.

Twinstar Display will invest $10 billion in five phases, and expected to begin production by 2018, with full capacity over the next 10 years.

The plant will be set up in Pune or Nagpur. Although Twinstar Display is an independent company, it is being monitored by Vedanta's technology arm, Sterlite Technologies, till the time a full-fledged team takes over in the new company. The final structure of the company will be decided at a later date.

Twinstar Display may look for an international strategic partner or collaborate on technology with companies abroad, Agarwal said. "This is the time to strike. This is the time to build your capacity because it will be cheaper.

This is the time when people and talent are available," he said. The project is being set up under Maharashtra's new policy on fabrication units that aims to boost domestic manufacturing of electronics and reduce import bill.

Image credit: Indiatimes