Tamil Nadu Government bags Singapore's IGSS Ventures Rs. 25,600 Cr to setup Semiconductor Park
Proposal made as part of the India Semiconductor Mission; to create direct employment for 1,500 individuals
The Singapore-based IGSS Ventures, a leading company in the field of semiconductor technology proposes to invest Rs25,600 crore into Tamil Nadu over the next five years to establish an semiconductor manufacturing unit as well as a high-tech semiconductor park. To achieve this, IGSS signed a Memorandum of Understanding (MoU) with Guidance which is the State government’s official agency responsible for promotion of investment and single-window facilitation Friday, in the presence of the Chief of the State’s Cabinet MK Stalin.
“The project will be developed in a vast area of 300 acres and the site for it will be determined,” said Thangam Thennarasu the The State Industries Minister. IGSS Ventures has proposed to establish an facility in the framework of “Project Suria” and has submitted an application for the “Scheme to Establish Semiconductor Fabs located in India” under the India Semiconductor Mission.
IGSS Ventures Pte Ltd is a holding company for semiconductor technology that also has three semiconductor subsidiaries which include Innovative Global Solutions & Services Pte Ltd, IGSS GaN Pte Ltd and CompoundTek Pte Ltd which together have tier 1 semiconductor foundry/fab capabilities , as well as emerging technologies in the field of niche. While there will be direct employment opportunities for around 1500 people through the company, the entire ecosystem comprised of circuit design firms suppliers of equipment and raw materials as well as outsourcing and testing companies can create job opportunities for 25,000 people.
The Semicon India programme, with the total expenditure of 76,000 crore to develop of the display and semiconductor manufacturing industry in India is designed to offer financial incentives to investors who invest in semiconductors display manufacturing, design, and ecosystem.
The India Semiconductor Mission (ISM) is an independent business unit within Digital India Corporation, having the financial and administrative autonomy to create and manage India’s long-term plans for the development of manufacturing facilities for semiconductors and display as well as the design ecosystem for semiconductors. ISM serves as the primary agency responsible for the efficient implementation of the schemes.