Israel’s Tower Semiconductor has submitted a proposal to the Indian government to set up an $8 billion chipset manufacturing facility, Indian Express reported on Sunday.
Chip manufacturing holds significant importance in Indian Prime Minister Narendra Modi’s economic agenda. However, earlier attempts to offer $10 billion in incentives to the industry have faced setbacks, with some proposals experiencing delays or cancellations.
Tower Semiconductor earlier disclosed revenue of $358 million for the third quarter of 2023 against $427 million for the third quarter of 2022. Tower Semiconductor estimates that its revenue will be $350 million for the fourth quarter of 2023.