ISMC to set up Rs 22,900 cr worth semiconductor fab plant in Karnataka

The project is expected to generate more than 1,500 direct and 10,000 indirect employment opportunities and ancillary semiconductor ecosystem industry development in the area with significant multiplier effects, it said.

Israel-based ISMC Analog Fab Private Ltd has expressed willingness to set up a semiconductor fabrication plant in Karnataka at an outlay of Rs 22,900 crore.

The company will implement the project over a period of seven years with an employment potential for 1,500 people, a government release said.

Additional Chief Secretary in the department of IT, BT Dr E V Ramana Reddy and Director of ISMC Ajay Jalan signed an memorandum of understanding in the presence of Chief Minister Basavaraj Bommai.

Welcoming the deal, the CM said, ''This MoU is a significant agreement amid the competition among various states to attract semiconductor fabs. Karnataka understands that it's not just the fiscal incentives that matter but availability of conducive ecosystem and overall ease in operations are also important.'' Underlining that Karnataka has one of the best infrastructures in the country and an abundant skilled talent pool, Bommai said his government is not only trying to bring down the entry barriers for businesses but also make it easier to exit businesses, ''should it be so required''.

''With robust policies, committed team, best in class infrastructure and ever-increasing talent pool of workers, Karnataka is on its way to become premier investment destination. I invite all of you to be a part of this growth story,'' he said.

According to a statement issued by the office of Dr C N Ashwath Narayan, Minister for IT-BT and Higher Education, the ISMC 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 statement said. The project is expected to generate more than 1,500 direct and 10,000 indirect employment opportunities and ancillary semiconductor ecosystem industry development in the area with significant multiplier effects, it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)