Amid India's government scrutiny, Xiaomi was reportedly reducing its headcounts in India and shifted most of its decisions to its parent company in China. Vedanta continued its foray in the semiconductor and display manufacturing despite a slower-than-expected approval process.
Xiaomi reportedly undergoing restructuring and layoff in India
The Economic Times quoted sources saying that at the beginning of the year, Xiaomi India required the local leadership team to form a task force to improve performance which led to the dismissal of employees according to their performances, leading to Xiaomi's reduced headcount in India from 1,400-1,500 to less than 1,000. Sources also told The Economic Times that while rejigging the internal structure, Xiaomi reportedly shifted most of its decisions to the Chinese parent company.
Gujarat signs MoU with Micron to set up ATMP facility
Mint reported that the government of Gujarat signed an MoU with Micron to set up an ATMP facility in Sanand. The plant, expected to become operational by the end of 2024, may become India's first private semiconductor manufacturing plant in over three decades after SCL was burned down by fire in 1989.
Vedanta-Foxconn JV re-submit proposal for planned wafer fab project
After more than a year of application, Vedanta-Foxconn Semiconductors re-submitted its proposal for the incentives under the India Semiconductor Mission and scaled down its ambition to produce 40nm chips rather than 28-nm chips as the Indian government is not convinced by Vedanta-Foxconn's technology to make chips based on 28nm technology nodes. Vedanta appointed CEO for its display venture, reports Indian Express.
Vedanta appointed CEO for its display venture
The Economic Times reported that Vedanta Group appointed Y J Chen as the CEO of its LCD manufacturing business as the company is still waiting for India's government to approve its semiconductor and display incentive scheme application.
India identified 30 critical minerals essential for national and economic security
The Print reported that India's Ministry of Coal and Mines released the 'Report of the Committee on Identiication of Critical Minerals,' , which includes autonomy, bery llium, bismuth, cobalt, copper, gallium, and rare earth elements. India is fully reliant on imports of most of the minerals.
