Israel’s Tower presents plan for $8 billion semiconductor facility in India
Israel-based Tower Semiconductor (TSEM.TA) has reportedly submitted a proposal to the Indian government for the construction of an $8 billion chip manufacturing facility in India, as per a report by the national daily Indian Express published on Sunday.
The proposal from Tower Semiconductor, which is seeking government incentives for the project, aims to focus on the production of 65 nanometre and 40 nanometre chips within India, the report highlighted.
As of now, neither Tower Semiconductor nor India’s IT ministry has provided immediate comments regarding the reported proposal.
Chip manufacturing holds significant importance in Prime Minister Modi’s economic agenda. However, initial efforts to provide $10 billion in incentives to the industry have faced challenges, with certain proposals encountering delays or cancellations.
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