India's domestic chip plan suffers another setback as sources say Ghota Semiconductor's $3 billion project has been shelved indefinitely
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Update time : 2023-06-05 09:25:42
On June 1, Reuters reported that ISMC, a joint venture led by Israeli chipmaker Ghota Semiconductor, had planned to set up a semiconductor base in southern India. However, the project has been shelved following Intel's announced acquisition of Ghota Semiconductor, which has also set back India's plans for home-grown semiconductors once again.
The report said that after the Indian government set up a $10 billion subsidy fund, three semiconductor manufacturers applied for subsidies: a joint venture between Hon Hai and Vedanta, ISMC, led by Israeli foundry Ghota Semiconductor, and Singaporean venture capital firm IGSS Ventures.
Reuters quoted sources familiar with the matter as saying that ISMC's original plan to invest $3 billion in a semiconductor manufacturing facility in southern India has been put on hold indefinitely. This follows Intel's $5.4 billion acquisition of Hightower Semiconductor, which is still awaiting regulatory approval in several countries. As a result, both Intel and Hightower Semiconductor leadership have indicated to the Indian side that they are unable to proceed with a binding agreement.
The Indian government is set to veto the grant application for a joint 28nm semiconductor fab between Hon Hai and Vedanta. The shelving of the Hightower Semiconductor project means another major blow to India's ambitious indigenous semiconductor plans.
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