Karnataka signs MoU with ISMC for setting up Semiconductor Fab plant with an investment of Rs 22,900 cr

Bengaluru (Karnataka) [India], May 1 : Karnataka on Sunday signed an MoU with Israel-based ISMC Analog Fab Private Limited for setting up a Semiconductor Fab plant in the state with an investment of Rs 22,900 crore (USD 3 Billion) to emerge a front runner in semiconductor and IT hardware sector in the country.
The company is set to fully implement the project over a period of next 7 years with employment potential for 1500 persons. Additional Chief Secretary in the department of IT, BT Dr EV Ramana Reddy on part of Karnataka and Director of ISMC Ajay Jalan signed the MoU.
Chief Minister Basavaraj Bommai, who was also present there, said that Karnataka is already a pioneer in IT, BT and R & D sectors. The MoU with ISMC would make Karnataka the place to look forward to in semiconductor technology, he said.
"Karnataka has signed this major MoU when many other states are competing to draw investments in the Semiconductor Fab sector. Karnataka government understands that it is not just the concessions or incentives, it is the conducive ecosystem that is needed to draw the investors. The State has the best infrastructure and skilled human resources," Bommai said.
Asserting that there are challenges ahead, the Chief Minister said that the MoU would drive us to turn those challenges into opportunities.
"The Union government under the able leadership of Prime Minister Narendra Modi has launched the Semiconductor Mission and it has spurred Karnataka to lead the march in this sector," he added.