Israel-based group to set up $3 bn semiconductor chip making plant in Karnataka

Bengaluru, May 02: Israel-based International semiconductor consortium ISMC is going to invest 3 Billion in Karnataka state to set up a chip-making plant in Mysuru's Kochanahallli industrial area.

 

 

Additional Chief Secretary in the department of IT, BT De E C Ramana Reddy, and Director of ISMC Ajay Jalan signed an MoU of understanding in the presence of Karnataka Chief Minister Basavaraj Bommai.

 

“This MoU (memorandum of understanding is a significant agreement amid the competition among various states to attract semiconductor fabs,” said Bommai, who met the ISMC team at his home office.

 

 

“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,” said Bommai.

 

The project is expected to generate more than 1500 direct and 10,00 indirect employment opportunities. As per the reports, 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 investment comes at a time when Prime Minister Narendra Modi recently urged the industry to make India a global hub for semiconductors, asserting that the government had “put the odds in your favor as far as possible through a supportive policy environment”.

 

The prime minister, in his inaugural address at the Semicon India-2022 conference in Bengaluru, said there was a collective aim to establish India as one of the key partners in global semiconductor supply chains.