Videocon's LCD, Semiconductor Project in Navi Mumbai Cleared for Go-ahead
August 22, 2008
Chairman of India's Videocon revealed on August 22 that the state government of Maharashtra has sanctioned the company's plan to set up an 80 billion Rupee (US$1.84 billion; US$1=43.4 Rupees) LCD (Liquid Crystal Display) and semiconductor manufacturing complex in Navi Mumbai, Reuters reported. Videocon has earmarked a 60 billion Rupee (US$1.38 billion) investment for this project, and the central government of India is expected to bestow a grant of 20 billion Rupees (US$460.68 million).
Videocon further announced that there will be a foundation-laying ceremony on October 9, and the 275-acre complex is slated to begin operations in three years. Annual output is estimated at 200 million units of LCDs, microcircuits, and semiconductor chips.