Vedanta to buy display, fab biz of Twin Star Tech

NEW DELHI: Vedanta Ltd on Friday said it will acquire the semiconductor and display businesses from sister concern Twin Star Technologies Ltd. The new structure will make Vedanta India’s first company in Integrated Semiconductor and Display Fab Business. Twin Star Technologies is a wholly-owned subsidiary of Volcan Investments Ltd which is the ultimate holding company of Vedanta. “The acquisition will be effected by way of a share transfer at face value of Twin Star Technologies Limited’s (TSTL) Semiconductor and Display SPVs. TSTL is a wholly owned subsidiary of Volcan Investments Limited, the ultimate holding company of Vedanta Limited,” Vedanta said in a statement. With this restructuring, Vedanta Limited announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio. “Vedanta is committed to making India self-reliant in electronics,” Vedanta chairman Anil Agarwal said.