Israel's Tower Semiconductor and Adani's $10 Billion Chip Project in India
Israel’s Tower Semiconductor and India’s Adani Group are set to invest 839.47 billion rupees ($10 billion) in a semiconductor manufacturing project in Maharashtra. The initiative highlights India’s push to become a global hub for chip production, despite previous challenges such as Foxconn’s withdrawal from a $19.5 billion joint venture with Vedanta and stalled plans by ISMC to invest $3 billion.
India anticipates its semiconductor market will reach $63 billion by 2026, signaling significant growth and opportunities in the sector.
The semiconductor plant in Maharashtra will initially produce 40,000 wafers. The project is part of a broader investment strategy in the state, which also includes the establishment of two new electric vehicle manufacturing units. Skoda-Volkswagen will invest 150 billion rupees in an electric vehicle plant, while Toyota-Kirloskar will allocate 212.73 billion rupees for hybrid and electric vehicle production.
The projects approved on Thursday are expected to generate 29,000 jobs, marking a substantial boost to the local economy.
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