India approves two semiconductor wafer plants worth $10 billion


India has approved the setting up of semiconductor wafer plants by two consortia, including IBM Corp, Israel's TowerJazz and STMicroelectronics NV.India has approved the setting up of semiconductor wafer plants by two consortia, including IBM Corp, Israel’s TowerJazz and STMicroelectronics NV, costing a total of 634.1 billion rupees ($10.17 billion).

India, which wants local production of chips to cut long-term import bills, has renewed a drive to attract investments after a previous attempt failed. The two groups had proposed building plants in India in September.
One of the consortia is made up of India’s Jaiprakash Associates Ltd and TowerJazz and IBM. It plans to set up a plant near New Delhi at a cost of 343.99 billion rupees ($5.52 billion), a government statement said on Friday.

The second comprises HSMC Technologies India Private Ltd, Malaysia’s Silterra and STMicroelectronics. The group has proposed investment of 290.13 billion rupees ($4.65 billion) for a plant in the western Gujarat state, the statement said.
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