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ISMC plans to invest $3 billion in Karnataka to build India's first chip manufacturing facility

by Shailee Mishra

Date & Time: May 02, 2022 8:00 PM

Read Time: 1 minute



Highlights

• The government's incentive system to turn India into a semiconductor hub.
• ISMC and homegrown metals-to-energy conglomerate.

The state government said on May 1st that the 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 build India's first chip-making plant.

The declaration implies that the government's incentive system to turn India into a semiconductor hub is starting to bear fruit.

Overview

Intel recently revealed its intention to buy Tower Semiconductor. The state government estimates that ISMC's proposed 65-nanometer analog semiconductor production facility will employ 1,500 people directly over the next seven years, with another 10,000 employment created in the ancillary ecosystem. For the plant, the chip makers' consortium
As asked for 150 acres of land in Mysuru's Kochanahalli Industrial area.

In the presence of chief minister Basavaraj Bommai, additional chief secretary for IT and biotechnology EV Ramana Reddy and ISMC director Ajay Jalan signed a memorandum of understanding.

"This MoU is significant in the context of the battle among various states to attract semiconductor production units," Bommai added.

Karnataka recognizes that it's not just about the financial incentives; it's also about the availability of a favorable ecosystem and overall ease of doing business."

Also Read: INDIA SOON TO BE A SEMI CONDUCTOR HUB!


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