Vedanta ropes in Global Veteran to Advance India Display Panel Fab Plans
After establishing 4 display panel fabs globally, YJ Chen joins Vedanta as CEO of Display business
Mumbai, June 28, 2023: Vedanta Group today announced the appointment of YJ Chen as the Chief Executive Officer (CEO) of its display business. He will spearhead Vedanta’s ambitious plans to establish India’s first display fab. He brings more than 23 years of experience in the display industry, with a record for having built and operated four G8.6 fabs worth more than $20bn in six years, featuring the world’s latest display technologies.
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Earlier YJ Chen was with Chinese display maker HKC Corp, where he was Executive Vice President. He was instrumental in driving HKC’s growth to become the world’s third largest television panel manufacturing company. He has more than 400 patents and was also the chief inventor at HKC. Prior to this, he held key positions in renowned organizations, including Innolux, Xiamen and GIP. Besides being an innovator and business leader, he is also a successful entrepreneur. He co-founded Jumpwin Materials, a transparent polyamide (PI) material manufacturer, and Glass Polish, a cutting-edge glass-polishing company.
“We are pleased to welcome YJ Chen as CEO of our display business,” said Anil Agarwal, Chairman, Vedanta. “He brings with him extremely valuable technical expertise, deep understanding and experience of building and operating display fabs, and incredible business acumen. We are confident of his ability to lead our display business which will help develop a sustainable electronics manufacturing ecosystem in India.”
“Vedanta group company Avanstrate, which has operations in Korea, Taiwan and Japan, is the world’s fourth largest glass company and has more than 700 patents. India currently imports 100% of this glass. Prime Minister Modi’s vision is to produce display glass for laptops, smartphones, TVs, automobiles, EVs, etc. in India to make electronics affordable for all. We are setting up an integrated glass and display manufacturing plant in Gujarat, which will help create an electronics cluster, offering massive job opportunities, especially for women,” he added.
YJ Chen, CEO of Vedanta’s Display business, said, “India is strategically poised to lead the next phase of growth for the global display industry. I am energized by Vedanta’s commitment to establishing India’s first display fab and am confident of the Group’s foresight and dedication to capturing the immense potential of the global market for next-generation display products.”
Display glass is a key component of almost all electronic items – from consumer electronics to healthcare devices, and from automotives to wearables. In 2024, India’s display market is estimated to grow to ~$11 bn, representing around 10% global share. This is expected to triple to $25-30 bn by 2030. To meet this demand, India needs at least 10-12 fabs.
Currently, the country’s display needs are met largely through imports from China. Vedanta aims to set up the country’s first integrated display glass and panel facility catering to all major applications, including TV, IT, auto and mobile phones. This will significantly increase domestic value add in electronics manufacturing from 15% to 60%.
Display glass technology is rapidly evolving, and Vedanta is well-equipped to capitalize on this growth. Vedanta already has a strong play in the glass sector through Sterlite Tech, a global leader in fibre optics, and through AvanStrate Inc., among the pioneers and global leaders in TFT LCD glass substrates. The establishment of an integrated glass and display panel fab in India represents the next step in the value chain, enabling the Group to solidify its position as a key technology partner in the electronics industry.
Vedanta’s foray into the display industry aligns with the company’s long-term vision and commitment to fostering economic growth, creating employment opportunities, and driving technological advancements in India. The display fab will not only strengthen Vedanta’s position as a global player in the electronics manufacturing industry, but also contribute to India’s strategic goals in becoming self-reliant in high-value manufacturing, boosting exports and creating significant employment opportunities.