Israel’s Tower Semiconductor and the Adani Group will make an investment of $10 billion to establish a semiconductor manufacturing plant in Maharashtra. The state’s chief minister confirmed this on social media platform X.
India has faced several setbacks in the semiconductor industry last year.
For instance, Foxconn, a key supplier to Apple, withdrew from a $19.5 billion semiconductor joint venture with Vedanta.
Plans for a $3 billion investment by ISMC — a partnership between Abu Dhabi-based Next Orbit Ventures and Tower Semiconductor — have also stalled.
Nonetheless, India’s semiconductor market is expected to grow to $63 billion by 2026, Reuters news report said.
The new semiconductor plant, located in Maharashtra, is expected to produce 40,000 wafers initially, according to the state’s deputy chief minister, Devendra Fadnavis.
In addition to this, the Maharashtra government approved projects worth 1.17 trillion rupees, potentially generating 29,000 jobs in the state.
Other industrial expansion includes Skoda-Volkswagen and Toyota-Kirloskar’s plans to establish electric vehicle (EV) manufacturing units in Maharashtra, with investments of 150 billion and 212.73 billion rupees respectively. These developments signify a major boost for both the semiconductor and EV industries in India.
