Indian Economy News

Prime Minister Mr. Narendra Modi lays foundation stone of 3 semiconductor projects worth US$ 15.1 billion (Rs 1.25 trillion).

  • IBEF
  • March 14, 2024

Prime Minister Mr. Narendra Modi inaugurated three semiconductor projects virtually, collectively valued at around US$ 15.1 billion (Rs 1.25 trillion). These include the US$ 10.99 billion (Rs. 91,000 crore) facility in Dholera, Gujarat, slated to commence chip production by 2026, along with facilities in Morigaon, Assam, and Sanand, Gujarat. During the inauguration, the Prime Minister emphasized India's potential to become a global semiconductor hub, driving economic growth and innovation.

The Dholera facility, a joint venture between Tata Electronics and Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC), is set to be operational by the end of 2026, powered by renewable energy and supplied with water from the Narmada River canal. Additionally, Tata Electronics will develop an OSAT facility in Morigaon, Assam, with a US$ 3.26 billion (Rs. 27,000 crore) investment, catering to various sectors, including electric vehicles and mobile phones. The Sanand Outsourced Semiconductor Assembly and Test (OSAT) facility, to be established by CG Power and Industrial Solutions Limited with an investment of US$ 905.69 million (Rs. 7,500 crore), is also part of India's Semiconductor Mission with a total outlay of US$ 9.18 billion (Rs. 76,000 crore).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.