Business
Billionaire Anil Agarwal to invest $10 billion for India’s first LCD panel manufacturing unit
Billionaire Anil Agarwal is set to invest a sum of $10 billion (Rs. 68,000 crores) to set up a Liquid Crystal Display (LCD) panel manufacturing unit known as panel FAB in Maharashtra. This will be the first in India and one of the world’s largest units.
Twinstar Display Technologies, promoted by Agarwal’s investment firm Volcan Investments, will be investing the money in five phases. The Maharashtra government will sign a Memorandum of Understanding with Twinstar Display Technology, for the establishment of this unit.
Agarwal, who is the Chairman of Vedanta Group told The Hindu, “We have made good the promise we made to the nation during the Digital India Summit in July 2015. We are happy to participate in two of the government’s key initiatives — the ‘Make in India’ campaign as well as ‘Net Zero Electronics import by 2020’. We will endeavour to make India a significant export hub of display units with the setting up of Panel FAB.”
The production at Panel FAB is expected to start in 2018 when the plant reaches full capacity. The completed project is set to, directly and indirectly, employ around 30,000 people. It will also contribute around 7-10 percent to the Industrial Gross Domestic Product of Maharashtra.
