It has been announced that Karnataka will be the state that leads the production of semiconductors across the nation after the international semiconductor consortium, ISMC, came out to say that they will be injected Rs. 22,900 crores ($ 3 billion USD) into a semiconductor plant in the state.
This is a huge boost for not only the state, but the country as a whole as they look to get into the world of semiconductors quick with all guns blazing.
The chief minister of the state, Basavaraj Bommai, said that the MoU signed will be a great landmark in the nations endeavours of semiconductors and Karnataka has fostered an environment that is attractive for these producers to set up their businesses in the state due to the incentive packages, high quality infrastructure and other benefits.
He went on o say that, along with the state bearing the torch in India’s semiconductor goals, this investment is projected to employ well over 1,500 Indians directly and another extra 10,000 at least indirectly which is a huge bonus for the state and country as a whole.
ISMC is a partnership of two parties; one of which is Next Orbit Ventures a fund management firm based out in the United Arab Emirates and Tower Semiconductor, A semiconductor manufacturing company based out in Migdal HaEmek, Israel. The two companies could see India’s thirst to be a major player in the world of semiconductors and joined hands to help India’s goal to fruition.
The spokespeople of their joint venture said that they have started working to fund a 65-nanometre analogue semiconductor factory in Mysore, Karnataka. They already looking to purchase land in the city that spans well over 150 acres to get their plans to life and start their production as soon as possible.
The joint venture took a while to put pen to paper to finalise their deal with the state government of Karnataka as they were looking to set up in the western state of Gujarat initially. After a lot of back and forth, they were finally convinced enough by the Karnataka government officials to strike up a deal with them instead.
The state of Karnataka has always been the front runner when it comes to investments and entrepreneurship. Recently, other states like Telangana and Maharashtra have been trying to rivel them but they have shown that they still have it by bagging such a big deal.