{"id":129015,"date":"2024-09-06T12:10:04","date_gmt":"2024-09-06T12:10:04","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/09\/06\/adani-group-tower-semiconductor-plan-10-billion-chip-project-in-maharashtra\/"},"modified":"2024-09-06T12:10:05","modified_gmt":"2024-09-06T12:10:05","slug":"adani-group-tower-semiconductor-plan-10-billion-chip-project-in-maharashtra","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/09\/06\/adani-group-tower-semiconductor-plan-10-billion-chip-project-in-maharashtra\/","title":{"rendered":"Adani Group, Tower Semiconductor Plan $10 Billion Chip Project in Maharashtra"},"content":{"rendered":"
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Israel’s Tower Semiconductor and Adani Group will invest $10 billion (roughly Rs.\u00a083,958 crore)\u00a0for a semiconductor project in India’s western state of Maharashtra, its chief minister said in a post on X on Thursday.<\/p>\n

India has taken steps to encourage global companies to set up their manufacturing units in the country, with Prime Minister Narendra Modi aiming to make the country a chipmaker<\/a>\u00a0for the world despite initial setbacks.<\/p>\n

Foxconn<\/a>\u00a0withdrew in July last year from a $19.5 billion (roughly Rs.\u00a01,63,718 crore)\u00a0semiconductor joint venture with Indian conglomerate Vedanta, and plans by ISMC, a venture between Abu Dhabi-based Next Orbit Ventures and Tower Semiconductor, to invest $3 billion (roughly Rs. 25,187 crore) in India, have been stalled.<\/p>\n

Still, India expects its semiconductor market to be worth $63 billion (roughly Rs. 5,28,937 crore) by 2026.<\/p>\n

Semiconductor<\/a>\u00a0manufacturing marks the latest foray for billionaire Gautam Adani, whose conglomerate has businesses across ports, power utilities, transmission and coal trading.<\/p>\n

The $10 billion \u00a0(roughly Rs. 83,958 crore) semiconductor plant in Maharashtra will initially have a capacity of 40,000 wafers, the state’s deputy chief minister Devendra Fadnavis said in a post on X.<\/p>\n

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One more BIG news for Maharashtra !
Huge investments of total
\u20b9 1,20,220 crore approved in today’s Cabinet Sub-Committee Meeting, with CM Eknath Shinde ji !<\/p>\n

The detailed list of approved investments is as follows:<\/p>\n

:white_check_mark:Tower Semiconductor with Adani Group at Taloja MIDC, Panvel\u2026 pic.twitter.com\/DVI9z94WyU<\/a><\/p>\n

\u2014 Devendra Fadnavis (@Dev_Fadnavis) September 5, 2024<\/a><\/p><\/blockquote>\n<\/div>\n

Chief Minister Ehnath Shinde said in a social media post that projects worth 1.17 trillion rupees\u00a0were approved on Thursday, which will create 29,000 jobs in the state.<\/p>\n

Two new electric vehicle<\/a> manufacturing units will also be set up in the state, with Skoda-Volkswagen investing 150 billion rupees\u00a0for its plant to produce electric vehicles and hybrids.<\/p>\n

Toyota-Kirloskar will dole out 212.73 billion-rupees\u00a0to manufacture hybrid and electric vehicles at its plant in the state.<\/p>\n

Adani group, Tower Semiconductor, Skoda-Volkswagen and Toyota-Kirloskar did not immediately respond to a request for comment from Reuters.<\/p>\n

\u00a9 Thomson Reuters 2024<\/em><\/p>\n

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)<\/i><\/p>\n

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)<\/i><\/p>\n<\/div>\n