ISMC to invest Rs. 22,900 cr to set up Semiconductor Fab unit in Mysuru
16 May 2022: ISMC, a Joint venture company between Abu Dhabi based Next Orbit Ventures and Israel’s Tower Semiconductor, will investment of Rs. 22,900 crores in a 65nm Analog Semiconductor Fabrication plant at Mysuru, Karnataka. The Consortium is one of the three applicants for the Central Government’s $10 billion incentive package for semiconductor manufacturing.
The ISMC team has requested 150 acres of land in Mysuru’s Kochanahalli Industrial area. 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 project is expected to generate more than 1500 direct and 10,000 indirect employment opportunities and ancillary semiconductor ecosystem industry development in the area with significant multiplier effects.
The announcement was made by ISMC management after their meeting with the Chief Minister of Karnataka Basavaraj Bommai recently. The ISMC team comprised of Ajay Jalan, ISMC Director; Sanjiv Taneja, and Umesh Chhabra; Erez Imberman, Vice President, Tower Semiconductor (Business Development & Special Projects) met the Chief Minister for a detailed discussion on the project. An MoU was signed by Ajay Jalan; Dr. E.V. Ramana Reddy, Additional Chief Secretary, Government of Karnataka, Department of Electronics Information Technology Biotechnology and Science & Technology at Krishna.
Speaking on the occasion, Basavaraj Bommai said “This MoU is a significant agreement amid the competition among various states to attract semiconductor fabs. Karnataka is gaining attention as the most favourable destination for investment with its exceptional customised incentive packages.”
Tower Semiconductor, the leading foundry of high value analog semiconductor solutions, manufactures advanced analog integrated circuits, leading the analog ecosystem with high-quality, innovative technological and manufacturing solutions, providing strong competitive advantages in various growing markets. The Company offers advanced analog technologies and manufacturing solutions for the forefront of the world’s most exciting and growing arenas, such as automotive, consumer, medical, industrial and aerospace and defense, among others.
