Abu Dhabi-Israel Group to Set up $3 Billion Semiconductor Plant in Karnataka
The International semiconductor consortium ISMC is planning to invest $3 billion in southern Karnataka, to set up a chip factory, the state government announced. ISMC is a joint venture between Next Orbit Ventures and Israel’s Tower Semiconductor.
India's first semiconductor unit is expected to create more than 1,500 direct and more than 10,000 indirect jobs, the state's investment promotion department tweeted.
ISMC and India's conglomerate Vedanta Ltd have bid on Prime Minister Narendra Modi's $10 billion incentive plan to encourage companies to establish a semiconductor and display business in India, the government's next big step in electronics manufacturing.
Vedanta said it had preliminary talks with Gujarat and Maharashtra in western India and Telangana in the south to select a site. It plans to spend $20 billion on its semiconductor push.
Narendra Modi and his IT Ministers have outlined plans to stimulate investment in this sector, saying they aim to make India a major player in the global chip market dominated by manufacturers in Taiwan and several other countries.