Karnataka state government announced on Sunday that ISMC will invest $3 billion (Rs 22,900 crore) in a chip-making plant in the state. The investment will be used to fabricate 65 nm analog semiconductors.
An industrial area in Kochanahalli, Mysuru, has been requested by the ISMC for 150 acres. The project, once approved by the Government of India, will be India’s first and largest semiconductor fabrication facility. It the estimated that the project will generate more than 1500 direct and 10,000 indirect employment opportunities. As well as a semiconductor ecosystem industry development in the area with significant multiplier effects.
In the presence of Karnataka Chief Minister Basavaraj Bommai, Additional Chief Secretary in the department of IT, Dr. E V Ramana Reddy, signed a memorandum of understanding with Director of ISMC, Ajay Jalan.
“The MoU is an important agreement amid the competition among states to attract semiconductor fabs,” said Bommai, who met the ISMC team at his home office. “Karnataka realizes that it’s not just fiscal incentives that matter, but also a conducive environment and overall ease of operations. “Our infrastructure is among the best in the country, and we have a large pool of skilled talent,” said Bommai.
ISMC:
Next Orbit Venture Fund (NOVF) is the project’s primary funding partner, with Tower Semiconductor as the principal technology partner. It is among three applicants for a $10 billion stimulus package for semiconductor manufacturing from the central government.
Next Orbit Venture Fund (NOVF) is the project’s primary funding partner, with Tower Semiconductor as the principal technology partner. It is among three applicants for a $10 billion stimulus package for semiconductor manufacturing from the central government.
Next Orbit Ventures and Tower Semiconductor are partners in ISMC. Intel Corp plans to acquire Tower. “We have suggested Mysuru as an investment destination for ISMC for an Electronics and Systems Design cluster,” said Reddy.
