IGSS Ventures Plans INR 25,600 Crore Semiconductor Park In Tamil Nadu
The high-tech park would potentially see additional employment of 25,000 people with jobs generated by the ecosystem partners with an estimated investment around of INR 76,000 crore
IGSS Ventures, a Singapore-based player in semiconductor technology ecosystem, has signed a memorandum of understanding (MoU) with Tamil Nadu industrial guidance and export promotion bureau on Friday, in the presence of M K Stalin, for setting up a semiconductor park. As per the MoU, the firm will invest INR 25,600 crore, over the next five years to establish a high-tech semiconductor park. Industries minister Thangam Thennarasu, chief secretary V, Irai Anbu and some other senior officials were also present in the event held at the Secretariat. As per the available reports, the project is estimated to provide direct employment to 1500 persons and indirect employment to 25,000 persons which includes in circuit design, vendors selling secondary products, testing semiconductors etc.
"Tamil Nadu has allocated nine strategic sites, including two in the vicinity of Chennai. The consortium plans to start commercial production in two years with an employment potential for 1,500 semi-skilled persons. The high-tech park would potentially see additional employment of 25,000 people with jobs generated by the ecosystem partners with an estimated investment around of INR 76,000 crore," said IGSS in a statement.
While addressing the event, Thangam Thennarasu said, "IGSS Ventures will launch its semiconductor fab named 'Project Suria'. The firm has also applied for the Central government's INR 76,000 crore production-linked incentive scheme (PLI) scheme for semiconductor manufacturing in India. This project is expected to come up at a facility that spans 300-acres and the location for the same is being worked out."
He also added, "Over the last year, state government has signed MoU of over INR 94,975 crore with 132 companies to generate 2.26 lakh jobs. Out of these, 78 MoUs are actively being pursued and are under different stages of approval. About 25 are in the planning stage and land acquisition is under process for 29 companies."
According to his words, the government was in talk with 38 firms to bring investments in newly-emerging industries such as semiconductors, lithium-ion, solar photovoltaics and green hydrogen.
As per company website, IGSS Ventures is a technology investment holding company focused on addressing today's most challenging high-impact problems. As a one-stop semiconductor solutions hub, the firm enables the development and commercializing of disruptive hybrid semiconductor technologies.