ISMC Invests $3 Billion To Set Up India’s First Chip Manufacturing Plant in Karnataka

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The chip makers’ consortium has requested 150 acres of land in Mysuru’s Kochanahalli Industrial area for the unit

International semiconductor consortium ISMC is setting up India’s first semiconductor manufacturing plant for which it will invest $3 billion in Karnataka.

ISMC is a joint venture between Abu Dhabi-based Next Orbit Ventures and Israel’s Tower Semiconductor, which was recently proposed to be acquired BY Intel Corp.

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ISMC’s proposed 65-nanometer analog semiconductor fabrication unit is expected to employ 1,500 people directly over seven years, the state government said, adding that another 10,000 jobs will be created in the ancillary ecosystem.

The chip makers’ consortium has requested for 150 acres of land in Mysuru’s Kochanahalli Industrial area for the unit.

Additional chief secretary for IT and bio-technology EV Ramana Reddy and ISMC director Ajay Jalan signed a memorandum of understanding in the presence of chief minister Basavaraj Bommai.

Bommai said, “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.”

ISMC and homegrown metals-to-energy conglomerate Vedanta have applied for India’s incentives to companies setting up semiconductor and display operations in India.
Vedanta told Reuters on Saturday 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.”

India’s semiconductor market is forecast to grow to $63 billion by 2026 from $15 billion in 2020.

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