Tower Semiconductor of Israel and the Adani Group will spend 839.47 billion rupees ($10 billion) in a semiconductor project in Maharashtra, India's western state, according to the chief minister's post on X on Thursday.
India has made moves to attract foreign corporations to establish manufacturing facilities in the nation, with Prime Minister Narendra Modi intending to make the country a worldwide chipmaker despite initial failures. Foxconn exited a $19.5 billion semiconductor joint venture with Indian giant Vedanta in July of last year, and ISMC, a venture between Abu Dhabi-based Next Orbit Ventures and Tower Semiconductor, has postponed plans to invest $3 billion in India.
Nonetheless, India anticipates its semiconductor business to be worth $63 billion in 2026. Billionaire Gautam Adani's company, which operates in ports, electricity utilities, transmission, and coal trading, has made its latest move into semiconductor production.
The $10 billion semiconductor plant in Maharashtra will have an initial capacity of 40,000 wafers, according to the state's deputy chief minister, Devendra Fadnavis, in an X post.
Chief Minister Ehnath Shinde announced on social media that projects worth 1.17 trillion rupees were approved on Thursday, which will create 29,000 jobs in the state. Two new electric car manufacturing facilities will also be established in the state, with Skoda-Volkswagen investing 150 billion rupees in its factory to develop electric vehicles and hybrids.
Toyota-Kirloskar would invest 212.73 billion rupees to build hybrid and electric automobiles at its plant in the state. The Adani Group, Tower Semiconductor, Skoda-Volkswagen, and Toyota-Kirloskar did not immediately respond to Reuters' request for comment.
