Israel's Tower proposes $8 bn chip plant in India

Israel’s Tower proposes $8 bln chip plant in India – report

Reuters

Synopsis

Israel’s Tower Semiconductor proposes an $8 billion chipmaking plant in India, targeting government incentives. The facility aims to produce 65nm and 40nm chips. While details from the company and India’s IT ministry are awaited, chip manufacturing is a priority in Modi’s economic strategy. Previous attempts to offer $10 billion incentives faced challenges, with some proposals stalled or scrapped.

Intel Israel chip plantReuters

Israel‘s Tower Semiconductor has submitted a proposal to India‘s government to build an $8 billion chipmaking facility in the South Asian nation, national daily Indian Express reported on Sunday.

Tower, seeking government incentives for its plan, is looking to manufacture 65 nanometre and 40 nanometre chips in India, the report said.

The company and India’s IT ministry did not immediately respond to requests for comment.

Chip manufacturing is a key plank of Modi’s business agenda, but initial bids to offer $10 billion in incentives to the industry have floundered, with some proposals stalled or cancelled.

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