Billionaire Anil Agarwal struggles to get backers for $19 billion chip unit

Investors to whom Agarwal pitched the plan raised concerns about the group's limited experience in the sector, say people aware of the development

Anil Agarwal, Vedanta

Anil Agarwal

Anto Antony | Bloomberg New Delhi
Billionaire Anil Agarwal is struggling to find financial backers for a planned semiconductor factory in India with an investment of as much as Rs 1.54 trillion ($18.6 billion), according to people familiar with the matter.
Agarwal’s representatives met with large funds from the Middle East, Singapore, and the US over the past three months to garner financing commitments for the manufacturing business, the people said, asking not to be named as the information is not public.

All the funds gave the opportunity a pass leaving them with almost no backers for the project, they said, without providing further details.

The tycoon had announced in September that his Volcan group had joined forces with Hon Hai Precision Industry Co, the

First Published: Dec 14 2022 | 4:01 PM IST

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