Semiconductor consortium plans USD 3 billion chip-making plant in Karnataka
International semiconductor consortium ISMC, a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor, will invest $3 billion in Karnataka to set up India’s first chip-making plant, the state government said on Sunday.
The company will implement the project over a period of seven years with an employment potential for 1,500 people, a government release said.
Karnataka will soon be home to India’s first and largest semiconductor fabrication unit! The #Indian #Semiconductor Manufacturing Company ISMC has announced an #investment of Rs. 22,900 crores ($3 billion) – a proud moment for the state.#InvestinKarnataka pic.twitter.com/23p9hQiGOr
— Invest in Karnataka (@investkarnataka) May 1, 2022
The chip makers’ consortium has requested for 150 acres of land in Mysuru’s Kochanahalli Industrial area for the unit.Additional Chief Secretary in the department of IT, BT Dr E V Ramana Reddy and Director of ISMC Ajay Jalan signed an memorandum of understanding in the presence of Chief Minister Basavaraj Bommai.
Welcoming the deal, the CM said, “This MoU is a significant agreement amid the competition among various states to attract semiconductor fabs. Karnataka understands that it’s not just the fiscal incentives that matter but availability of conducive ecosystem and overall ease in operations are also important.” Underlining that Karnataka has one of the best infrastructures in the country and an abundant skilled talent pool, Bommai said his government is not only trying to bring down the entry barriers for businesses but also make it easier to exit businesses, “should it be so required”.
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“With robust policies, committed team, best in class infrastructure and ever-increasing talent pool of workers, Karnataka is on its way to become premier investment destination. I invite all of you to be a part of this growth story,” he said.
Union finance minister Nirmala Sitharaman, during her recent visit to the US, called on American semiconductor firms AMD, Western Digital and Micron Tech to boost investments in India, taking advantage of a Rs 76,000-crore production-linked incentive scheme for large chip makers.
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