Headlines of the Day
ISMC seeks speedy semiconductor sops nod to start building by year-end
ISMC Analog, a consortium of Israeli technology company Tower Semiconductor and Gulf-based Next Orbit Ventures has urged the government to expedite the incentive approvals necessary to start building a factory by the end of this year.
This was perhaps in response to the recent announcement of the Vedanta-Foxconn consortium for its proposed semiconductor plant in Gujarat.
The government responded that the process, under the USD 10 billion semiconductor incentive plan announced in December 2021 is not over, it is still evaluating applications seeking capital incentives to set up semiconductor fabrication units.
ISMC Analog is among the three applicants that have proposed to set up semiconductor fab units in the country.The ISMC in May 2022 had announced an investment of Rs. 22,900 crores ($3 billion) in a 65nm Analog Semiconductor Fabrication plant in Karnataka. The consortium had requested 150 acres of land in Mysuru’s Kochanahalli Industrial area. The project is expected to generate more than 1500 direct and 10,000 indirect employment opportunities and ancillary semiconductor ecosystem industry development in the area with significant multiplier effects.
CT Bureau
You must be logged in to post a comment Login