BENGALURU: International semiconductor consortium ISMC will invest $3 billion in India’s southern Karnataka state to set up a chip-making plant, the state government said on Sunday. ISMC is a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor. US chip giant Intel Corp has announced plans to acquire Tower.
India’s first semiconductor fabrication unit is expected to generate more than 1,500 direct jobs and 10,000 indirect jobs, the state’s investment promotion division said in a tweet.
ISMC and Indian conglomerate Vedanta Ltd have applied for Prime Minister Narendra Modi’s $10 billion incentive plan to push companies to set up semiconductor and display operations in India, the government’s next big bet on electronics manufacturing.
Vedanta told Reuters on Saturday it was in “advanced talks” with Gujarat and Maharashtra in west India and Telangana in the south to choose a site by mid-May. It has a planned investment outlay of $20 billion for its semiconductor and display push.
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