NRI firm to invest $10 billion for LCD manufacturing unit

INVESVedantaANRI billionaire Anil Agarwal announced he will set up Twinstar Display Technologies, India’s first LCD manufacturer. He will sign an MoU with the Maharashtra government as part of the Make in India Week in Mumbai.

Last year the Agarwal led firm announced an investment of Rs.40,000 crore for the LCD plant that will generate about 50,000 jobs. The unit is to be known as Panel FAB, and its investment will span five phases and be one of the world’s largest LCD fab units.

Agarwal who is Chairman of the Vedanta Group said they have made good on their promise made in 2015. The firm plans to try to make India a significant export hub of display units with the setting up of Panel FAB, that is expected to begin production by 2018.

India is one of the fastest growing markets for LCD Panel based products such as TVs, smartphones, tablets, desktops and Laptops. At present all LCD panels are imported, which Panel FAB will significantly reduce, as well as earn foreign exchange through exports.