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Israel firm ISMC to set up Rs 22,900 cr semiconductor fab plant in Karnataka
Israel firm ISMC to set up Rs 22,900 cr semiconductor fab plant in Karnataka
CM Bommai says State has the best infra and skilled human resources
Bengaluru: Taking a huge stride in its mission to emerge as front runner in semiconductor and IT hardware sector in the country, the State signed an MoU with Israel based ISMC Analog Fab Private Limited for setting up a semiconductor fabrication plant at an investment of Rs 22,900 crores ($3 billion) in the presence of Chief Minister Basavaraj Bommai.
The company is set to fully implement the project over a period of next 7 years with 1500 employment potential. Additional Chief Secretary in the department of IT, BT Dr E.V. Ramana Reddy and Director of ISMC Ajay Jalan signed the MoU.
Karnataka is already a pioneer in IT, BT and R & D sectors. The MoU with ISMC would make Karnataka the place to look forward to in semiconductor technology, Bommai said in his address after signing of the MoU.
"Karnataka has signed this major MoU when many other States are competing to draw investments in the semiconductor fab sector. we understand 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 asserted.
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 affirmed.
The Union government under the able leadership of Prime Minister Narendra Modi has launched the Semiconductor Mission and it has spurred Karnataka to lead the march in this sector, Bommai said.
The MoU has provided a forum for technology and cultural exchange between Israel and India, said Bommai and requested ISMC not just to set up the plant here, but bring the latest developments in the technology as it evolves with time to this plant in Karnataka.
Minister for Higher Education, IT, BT CN Ashwathnarayan and senior officials were also present on the occasion. Israel's Ambassador to India Naor Gilon, Consul General Tammy Ben-Haim, Deputy Chief of Mission of India Limor Bletter, Principal Secretary to the Chief Minister N Manjunath Prasad, Commissioner for Industrial Development Gunjan Krishna, Director of Department of Industries and Commerce Meena Nagaraj and others were present.
