September 23, 2023
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$20 Billion Deal Row: Eknath Shinde-PM Call And An Assurance From Vedanta

Eknath Shinde, the chief minister of Maharashtra, reportedly offered “a similar project, or a better one, to Maharashtra” when he called Prime Minister Narendra Modi after a heated argument over Gujarat winning the $20 billion Vedanta-Foxconn project. Anil Agarwal, the chairman of Vedanta, stated the following day that his company is “totally committed” to investing in Maharashtra as well.

Maharashtra has officially hailed Vedanta for launching a “Vedanta-Foxconn affiliate project” in the state following a string of tweets from Anil Agarwal last night.

“Thank you very much for choosing Maharashtra for the Vedanta-Foxconn affiliate project! We will always remain competitive and pro-business to attract investment to Maharashtra,” tweeted Deputy Chief Minister Devendra Fadnavis.

The Vedanta CEO announced in a thread he posted last night that Maharashtra would soon be a part of “our forward integration” for the Gujarat project. According to reports, the business intends to establish a hub in Maharashtra to produce iPhones and other television equipment.

“The long-term billions dollar investment will alter the direction of Indian electronics. We are completely committed to investing in Maharashtra as well as building a pan-Indian ecosystem. Maharashtra will be our key to moving our Gujarat JV’s integration ahead “Tweeted he.

Soon after Vedanta-Foxconn and the Gujarat government agreed to a $20 billion initiative to build a semiconductor manufacturing and display production plant, tensions between the two states flared up. For the past seven years, Maharashtra had been advocating for the project.

Aaditya Thackeray, a leader of the Shiv Sena and a minister in the deposed Maha Vikas Aghadi administration in Maharashtra, attacked Eknath Shinde, a Sena defector who in June partnered with the BJP to create a new government.

Although the agreement was almost complete, Aaditya Thackeray charged that the Shinde-led administration had let Gujarat win the business. He asserted that the transaction with Maharashtra was about 95% complete.

Picture Courtesy: Google/images are subject to copyright


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