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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