ISMC announces plan to set up India’s first semiconductor fabrication unit
Basavaraj Bommai
ISMC on Sunday (May 1) announced its plan to set up India’s first semiconductor fabrication unit. The international semiconductor consortium will invest $3 billion in India's southern Karnataka state to set up a chip-making plant.
It comes after union minister Ashwini Vaishnaw said that the Modi government expects to grant approvals to electronic chip makers in the next six to eight months.
ISMC, which is a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel's Tower Semiconductor, is expected to generate more than 1,500 direct jobs and 10,000 indirect jobs.
It was one of three applicants for the union government's $10 billion for semiconductor manufacturing along with Indian conglomerate Vedanta Ltd.
Semiconductors are the building blocks of electronic devices ranging from smartphones and cloud servers to modern cars, industrial automation, critical infrastructure, and defence system.
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Prime Minister Narendra Modi is trying to push companies to set up semiconductor and display operations in India.
He wants India's semiconductor market to grow to $63 billion by 2026 from $15 billion in 2020.
Rajeev Chandrasekhar, minister of state for electronics and IT, said apart from fiscal support, semiconductor fabs set up in India will be supported through purchase preference in the procurement of electronic products by the government under the Public Procurement (Preference to Make in India) Order.
Vedanta, in "advanced talks" with Gujarat and Maharashtra in west India, has a planned investment outlay of $20 billion for its semiconductor and display push.
In order to widen and deepen the electronic manufacturing and ensure the development of a robust and sustainable Semiconductor and Display ecosystem in the country, the Union Cabinet approved the Semicon India Programme with an outlay of INR 76,000 crore on December 15.
(With inputs from agencies)