June 23, 2024

BENGALURU EXPRESS

Truth Triumphs

ISMC announces $3 bn Semiconductor Fab Investment in state upon project approval by the Govt of India

• The facility is expected to generate 1500 direct and 10,000 indirect employment opportunities

• Tower Semiconductor, is the principal technology partner, with the project initially funded by Next Orbit Ventures Fund (NOVF)

• The consortium is one of the three applicants for the Central Government’s $10 billion incentive package for semiconductor manufacturing

Bengaluru, May 1: The ISMC announced an investment of Rs. 22,900 crores ($3 billion) investment in a 65nm Analog Semiconductor Fabrication plant in Karnataka.

The ISMC team met with the Chief Minister of Karnataka Sri Basavaraj Bommai at his home office, Krishna, today.

Dr. E.V. Ramana Reddy, Additional Chief Secretary to Karnataka, Commerce and Industries, Department of Electronics Information Technology Biotechnology and Science & Technology signed the MoU on behalf of the Government of Karnataka with Mr. Ajay Jalan, Director, ISMC.

The ISMC has requested 150 acres of land in Mysuru’s Kochanahalli Industrial area. This will be one of India’s first and largest semiconductor fabrication units under the Central Government’s Indian Semiconductor Mission upon project approval by the Government of India. The project is expected to generate more than 1500 direct and 10,000 indirect employment opportunities and ancillary semiconductor ecosystem industry development in the area with significant multiplier effects.

Speaking on the occasion, Basavaraj Bommai 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 the availability of a conducive eco-system and overall ease in operations are also important. We have one of the best infrastructures in the country and an abundant skilled talent pool. As a state we are not just trying to bring down the entry barriers for businesses but also make it easier to exit businesses, should it be so required. With robust policies, a committed team, best-in-class infrastructure, and an ever-increasing talent pool of workers, Karnataka is on its way to becoming a premier investment destination. I invite all of you to be a part of this Growth Story. It’s nations pride under the leadership of and vision of Narendra Modi we are becoming Atmanirbhar in semiconductors Fab”.

Dr. C.N. Ashwath Narayan expressed his support saying “Semiconductor production in Karnataka will provide further impetus to the economy of the state and we are happy to support global firms to set up manufacturing facilities here”

Signing the MoU, Dr. E.V. Ramana Reddy, said “The uptick in Indian investment in semiconductors coincides with the global demand for semiconductors amid a shortage expected to run through 2025. We have suggested an Electronics and Systems Design cluster in Mysuru as the investment destination for ISMC”.

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