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.
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.