Vedanta Display Glass Business Set to Grow 10x With AvanStrate Inc.

AvanStrate Inc. will chart new growth path with high-tech display products across industries to meet increasing global demand.

MUMBAI, INDIA - Media OutReach Newswire - 5 September 2024 - Vedanta Limited announced that the display glass business is set to grow 10x after consolidating its holding in AvanStrate Inc.

(ASI), a Japanese display glass manufacturer, to 98%, following the acquisition of 46.57% equity from Hoya Corporation. ASI is now fully managed and controlled by Vedanta Limited and free from any external debt.

ASI is set to drive innovation and expansion, focusing on the future of high-tech display and glass substrate manufacturing. ASI is well-positioned to strengthen its role in the global electronics and display industry by enhancing its R&D capabilities, developing advanced technologies and expanding its production capacity to meet increasing global demand.

With production facilities in Taiwan and Korea, and R&D and headquarters in Tokyo, Japan, AvanStrate Inc. has long been recognized for its cutting-edge production grade Gen 4 to Gen 8 TFT LCD (thin-film-transistor liquid-crystal display) glass substrates, which are integral to the production of electronic displays used in televisions, smartphones, tablets, laptops, and wearables. With more than 700 patents across LCD, LTPS, cover glass, OLED and a robust supply chain network, AvanStrate has established itself as a global leader in display technology.

Akarsh Hebbar, Global Managing Director of AvanStrate Inc., said, "We are confident in the immense potential that lies ahead for AvanStrate. With Vedanta's proven expertise in large-scale operations and deep understanding of the dynamic market, we are well-equipped to enhance AvanStrate's operational efficiency and innovation capability. Currently, only three more companies worldwide possess the expertise to manufacture advanced LCD technologies at the level we do. Taiwan is the hub for advanced technology and we have our plant in Tainan. We are here to grow and develop new partnerships for high-tech products. With the experienced team we have at AvanStrate, we are sure of realizing our vision."

This strategic move aligns with Vedanta's vision to expand its high-technology umbrella, incorporating AvanStrate alongside its optical fibre business under Sterlite Technologies Ltd. (STL), and reinforcing the company's leadership in the global technology landscape.

AvanStrate includes cutting-edge technology and the talented workforce in advanced manufacturing countries like Taiwan, Japan and Korea, with next-generation display technologies that span applications across high-growth sectors such as semiconductors, energy, consumer electronics, automotive, and healthcare.

Commenting on the way forward, Charlie Lee, CEO, Avanstrate Inc. said, "We are placed in a very good market scenario with immense technology potential. ASI is set on a growth path to capture more market share."

The global market for display glass applications is estimated to be US $ 42 Bn and is projected to reach ~US$ 60 Bn by 2030^[1]. AvanStrate, with its advanced manufacturing capabilities and strategic partnerships, is well-positioned to meet these demands and contribute significantly to the global supply chain.

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Vedanta Limited

Vedanta Limited ("Vedanta"), a subsidiary of Vedanta Resources Limited, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into semiconductors and display glass. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector, is committed to reducing carbon emissions to net zero by 2050 or sooner and aims to spend $5 billion over the next 10 years to accelerate this transition. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. Anil Agarwal Foundation, the umbrella entity for Vedanta's social initiatives, has pledged Rs 5000 crore over the next five years on various social impact programs and its flagship project, Nand Ghar is setting up model anganwadis across India. Vedanta Ltd. has been listed in Dow Jones Sustainability World Index 2022, conferred Golden Peacock Award for excellence in Corporate Governance 2022 and certified as a Great Place to Work 2023. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.

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