International semiconductor consortium (ISMC) is a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor. Which is all set to invest $3 billion in Karnataka for India’s first semiconductor manufacturing plant.
For this, the chip makers’ consortium has requested for 150 acres of land in Mysuru’s Kochanahalli Industrial area.
Moreover, ISMC director Ajay Jalan and Additional chief secretary for IT and bio-technology EV Ramana Reddy signed a memorandum of understanding in the presence of chief minister Basavaraj Bommai.
Bommai also stated, “This MoU is significant amid the competition among various states to attract semiconductor fabrication units. 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.”
Meanwhile, Vedanta told Reuters that it was in “advanced talks” with Gujarat, Maharashtra and Telangana to choose a site by mid-May. It has a planned investment outlay of $20 billion for its semiconductor and display push.
While speaking at the Semicon India-2022 conference in Bengaluru, prime minister Narendra Modi called upon the industry to make India a “global hub for semiconductors.” Stating that the government had “put the odds in the (chipmakers’) favour as far as possible through a supportive policy environment.”
