Singapore-based IGSS Ventures, a leading player in the semiconductor technology space, is proposing to invest ₹25,600 crore in Tamil Nadu over the next five years to set up a semiconductor fab unit and a semiconductor high-tech park. To this effect, IGSS signed a Memorandum of Understanding (MoU) with Guidance, the State government’s nodal agency for investment promotion and single-window facilitation, on Friday, in presence of Chief Minister MK Stalin.

“The project will come up over a 300-acre area and the location for the same will be worked out,” said Thangam Thennarasu, State Industries Minister. IGSS Ventures has proposed to set up the facility under “Project Suria” and submitted an application under the “Scheme for Setting up of Semiconductor Fabs in India” under India Semiconductor Mission.

Job opportunities

IGSS Ventures Pte Ltd is a semiconductor technology holding company with three other semiconductor subsidiaries — Innovative Global Solutions & Services Pte Ltd, IGSS GaN Pte Ltd and CompoundTek Pte Ltd — that together has tier 1 semiconductor foundry/fab capabilities and key emerging niche technologies. While there be will direct job opportunities for about 1,500 people by the company, the ecosystem comprising circuit design companies, raw material and equipment suppliers and outsourcing and testing companies may generate job opportunities for about 25,000 people.

The proposed project will generate direct employment for around 1,500 people, Guidance said in a social media post. The development comes a week after officials from Guidance held talks with the top management of Foxconn, which manufactures Apple iPhones in the State, on the latter’s plans to invest in the semiconductor sector.

Semiconductor mission

The Semicon India programme, with a total outlay of ₹76,000 crore for the development of the semiconductor and display manufacturing ecosystem in India, seeks to provide financial incentives to investors in semiconductors, display manufacturing and design ecosystem.

The India Semiconductor Mission (ISM) has been established as an independent business division within Digital India Corporation, having administrative and financial autonomy to formulate and drive India’s long-term strategies for developing semiconductors and display manufacturing facilities and semiconductor design ecosystem. ISM will serve as the nodal agency for smooth implementation of the schemes.

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