New Delhi: Metals and mining giant Vedanta Ltd is planning to invest close to USD 500 million in its display glass unit AvanStrate Inc, the company said on Monday.
Vendanta Group has expressed interest in setting up a display semiconductor manufacturing unit in India.
"Vedanta Limited is planning to invest close to USD 500 million (about Rs 4,300 crore) in its group company, AvanStrate Inc. (ASI), a leading global display glass manufacturer that is now fully managed by Vedanta Limited," it said in a statement.
The company plans to make this strategic investment to drive innovation and expansion within ASI, strengthening its focus on research and development, as well as manufacturing capabilities and product offerings to cater to the growing global demand for advanced display glass solutions, the statement said.
"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 R&D 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 secured a 98 percent stake in ASI earlier this year.
ASI has operations and R&D capabilities across Taiwan, South Korea and Japan and aims to accelerate 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 R&D, 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 CEO Charlie Lee said.
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