ISMC to setup its first semiconductor fab in Karnataka

India's first and largessrt 65nm semiconductor fab to come up in a place called Kochanahalli in Mysore district of Karnataka state, an approximate 3 hours drive from the silicon city Bangalore. A company named ISMC funded by the Dubai based Next Orbit Ventures and technologically supported by Israel based Tower Semiconductor had signed agreement with the government of Karnataka. The ISMC to invest Rs. 22,900 crores ($3 billion) and has requested 150 acres of land for this plant. MoU was signed by E V Ramana Reddy, Chief Secretary in the department of IT, BT and Ajay Jalan, Director of ISMC in presence of Karnataka Chief Minister Sri Basavaraj Bommai on 1st May 2022. Speaking on the occasion, Sri Basavaraj Bommai said “This MoU is a significant agreement amid the competition among various states to attract semiconductor fabs. Karnataka is gaining attention as the most favourable destination for investment with its exceptional customised incentive packages”. Dr. Ashwath Narayan, Hon’ble, Minister for Minister of Higher Education, IT and BT, Science and Technology and Skill Development, Entrepreneurship and Livelihood said "“Semiconductor production in Karnataka will provide further impetus to the economy of the state and we are happy to support global firms to set up manufacturing facilities here”. Dr. E.V. Ramana Reddy, said “The uptick in Indian investment in semico...