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Journalism of Courage
Karnataka signed a memorandum of understanding (MoU) with Israel-based ISMC Analog Fab Private Ltd for setting up the country’s first semiconductor fab plant with an investment of around Rs 22,900 crore ($3 billion).
The company is set to fully implement the project over the next 7 years with employment potential for 1,500 people. Additional Chief Secretary in the Department of IT, BT Dr EV Ramana Reddy on the part of Karnataka and ISMC director Ajay Jalan signed the MoU.
In a major industrial boost to Mysuru, ISMC has requested 150 acres of land in Mysuru’s Kochanahalli Industrial area. This will be India’s first and largest semiconductor fabrication unit under the Centre’s Indian Semiconduction Mission.
The MoU with ISMC will make Karnataka the place to look forward to in semiconductor technology, Chief Minister Basavaraj Bommai said in his address, after signing of the MoU.
Karnataka government understands that it is not just the concessions or incentives, it is the conducive ecosystem that is needed to draw the investors. The state has the best infrastructure and skilled human resources, Bommai said.
It is a major stride in the semiconductor sector. There are challenges ahead. The MoU would drive us to turn those challenges into opportunities, Bommai said.
The MoU has provided a forum for technology and cultural exchange between Israel and India, Bommai added, requesting ISMC to not just to set up the plant here, but also bring the latest developments in the technology as it evolves with time to this plant in Karnataka.
