Days after Vedanta group’s Taiwanese partner pulled out of a $19.5-billion semiconductor-making project, company chairman Anil Agarwal on Wednesday said partners have been lined up for the venture, and Vedanta will begin to foray into chip-making this year.

Agarwal, however, did not identify the partner.

Hon Hai Technology Group, also known as Foxconn, earlier this week pulled out of the chipmaking joint venture with Vedanta and said it intends to apply for incentives under the government’s semiconductor production plan. Just last week, Vedanta said it would acquire semiconductor and display glass units from a group company.

Most of the world’s chips are manufactured in a handful of countries, and India, which expects its semiconductor market to be worth $63 billion by 2026, is a late entrant.

Semiconductors have wide applications and are used in devices such as mobile phones, refrigerators, and cars.

At Vedanta’s annual shareholder meeting, Agarwal said there was a huge opportunity in the electronics sector as India imports $100 billion worth of electronics annually. This includes $30 billion of semiconductor and display glass.

“We have lined up partners for our semiconductor venture,” he said without mentioning the Foxconn pullout. This year, subject to government approvals, the company will begin a historic foray into semiconductor fab and display fab.”

Soon after Foxconn announced pulling out of the venture on Monday, Vedanta said it was fully committed to its semiconductor project and has lined up other partners to set up India’s first foundry.

“We have the licence for production-grade technology for 40 nm from a prominent integrated device manufacturer,” it had said. PTI