India plans to reopen the application process for $10 billion in incentives and assistance to encourage chip manufacturing, as previously announced projects are taking too long, Bloomberg News report said.
India is keeping the process open-ended, doing away with a previous 45-day requirement to submit applications.
The South Asian country now plans to allow companies to apply again and is set to accept applications until its budgeted $10 billion in incentives is exhausted.
The previously announced short window for applications led to just a few applicants for the scheme, including a partnership between India’s Vedanta Resources and Taiwan’s Foxconn, and a consortium that includes Tower Semiconductor.
Last September, Vedanta and Foxconn signed a pact with the western Indian state of Gujarat to invest $19.5 billion to set up semiconductor and display production plants.
