Adani Group, Tower Semiconductor plan $10 billion chip project in Maharashtra
Israeli company Tower Semiconductor and the Adani Group will invest $10 billion (approximately Rs 83,958 crore) in a semiconductor project in the western Indian state of Maharashtra, the prime minister said in a message on X on Thursday.
India has taken steps to encourage international companies to set up their manufacturing facilities in the country. Prime Minister Narendra Modi wants to make the country a global chipmaker, despite initial setbacks.
Foxconn pulled out of a $19.5 billion (approximately Rs 1,63,718 crore) semiconductor joint venture with Indian conglomerate Vedanta in July last year. Plans by ISMC, a partnership between Next Orbit Ventures and Abu Dhabi-based Tower Semiconductor, to invest $3 billion (approximately Rs 25,187 crore) in India have also stalled.
However, India expects the semiconductor market to be worth $63 billion (approximately Rs 5,28,937 crore) by 2026.
Semiconductor manufacturing is the latest venture by billionaire Gautam Adani, whose conglomerate includes businesses in ports, utilities, transmission and coal trading.
The $10 billion (approximately Rs 83,958 crore) semiconductor fab in Maharashtra will initially have a capacity of 40,000 wafers, the state’s deputy chief minister Devendra Fadnavis said in a message on X.
Another BIG news for Maharashtra!
Huge investments totaling
₹ 1,20,220 crore approved during today’s Cabinet sub-committee meeting with CM Eknath Shinde ji!The detailed list of approved investments is as follows:
:white_check_mark:Tower Semiconductor with Adani Group at Taloja MIDC, Panvel… photo.twitter.com/DVI9z94WyU
— Devendra Fadnavis (@Dev_Fadnavis) September 5, 2024
Chief Minister Ehnath Shinde said in a social media post that projects worth Rs 1.17 trillion were approved on Thursday, creating 29,000 jobs in the state.
Two new electric vehicle manufacturing plants are also being set up in the state. Skoda-Volkswagen is investing Rs 150 billion in its plant for the production of electric vehicles and hybrids.
Toyota-Kirloskar will spend Rs 212.73 billion on manufacturing hybrid and electric vehicles at its plant in the state.
The Adani Group, Tower Semiconductor, Skoda-Volkswagen and Toyota-Kirloskar did not immediately respond to a request for comment from Reuters.
© Thomson Reuters 2024
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