Elest along with Vedanta have announced to invest $6.7 billion to manufacture display fabs and they are looking for $2.7 billion incentives
Frustrated by the Indian government’s recklessness towards its policy for chipset makers, Israel’s leading Tower Semiconductor had decided to discard its plans of commencing its plant in India back in September 2021. For numerous years, the company held several discussions with the government. As the policy was not in motion, Tower Semiconductor penned a letter to Prime Minister Modi to provide a crystal clear clarity on its proposed policy for semiconductor manufacturing.
After the government began inviting chipset manufacturers to begin production in the country, letters were written by Tower for almost six months and it highlighted that further delay in intervention would force them to "stay active in the project in the near future". According to the company, they are the technology alliance of a Abu Dhabi based consortium Next Orbit Ventures, which was supposed to help Tower Semiconductor in starting its manufacturing plant in Gujarat’s Dholera.
After the threatening letter, the government of India unleashed the much-awaited $10 billion production-linked incentive scheme to magnetize display semiconductor makers, which seems to be fruitful as per various experts. This is because for more than decade and half, the country failed to pull the attention of the manufacturers on several grounds. Now, it also seems that confidence has been boosted among the chipset makers because they feel the government will be able to provide impeccable incentives and infrastructure to uplift the semiconductor environment.
India now received manufacturing and production proposals from top five companies worth $20.5 billion among which Anil Aggarwal led Vedanta was the first firm. The joint alliance between Foxconn and Vedanta, a consortium spearheaded by IGSS Ventures of Singapore and Next Orbit Ventures, submitted its detailed proposals for beginning its new plants. Initially, they will start making 28 nm to 65 nm fabs with an anticipated spending of $13.6 billion with an additional $5.6 billion assistance from the government.
Other than that, Elest, a subsidiary of gold jewelry retailer Rajesh Exports along with Vedanta have announced to invest $6.7 billion to manufacture display fabs and they are looking for $2.7 billion incentives
