Chennai, Tamil Nadu, India, 01 July 2022 – IGSS Ventures Pte.Ltd (IGSSV), a Singapore-based technology investment holding firm offering one-stop semiconductor commercialisation capabilities including emerging technologies, Tier 1 foundry methodologies 5and global partners, and the Government of Tamil Nadu have announced a new cooperation agreement to set up a Semiconductor High-Tech Park (SHTP).
With private investments and grants totalling US$3.5B (Rs. 25600 Crs) including grants across six years, the agreement in the form of a Memorandum of Understanding (MoU), formalises the mutual interaction and strengthens existing partnerships at the strategic and working level. Singapore- headquartered IGSSV is leading a specially set up India-based consortium of top global semiconductor and high-tech park entities in establishing the proposed 300 acres SHTP.
Tamil Nadu has allocated nine strategic sites including two sites in the vicinity of Chennai, to house a semiconductor fab that will be producing three technology nodes of wafers ranging from 28 nm, 45 nm and >=65 nm, and an industry ecosystem infrastructure that hosts semiconductor circuit designers, material suppliers, equipment suppliers, and outsourced semiconductor assembly and test (OSATs) players. The consortium plans to start the commercial production in two years with an employment potential for approximately 1,500 semi and skilled persons.
IGSSV consortium looks to additionally establish an industry benchmark in strengthening India’s footprint in the semiconductor space – in tandem with the government’s Make in India initiative.
“The initial fab foundation in India needs to incorporate from the start the right mindset and Tier 1 foundry capabilities so global customers will support such a fab – putting India on the path to success even as a late starter. We are confident that this strategic approach moves India towards taking its rightful place as a competitive, alternative semiconductor destination,” founder and Group Chief Executive Officer Raj Kumar, explains.
The SHTP will potentially see additional employment of 25,000 people with jobs generated by the ecosystem partners with an estimated investment of around US$10B (Rs.76,000 Crores).
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Read more below:
- The Hindu: Singapore-based IGSS signs MoU to set up 300-acre semiconductor park in Tamil Nadu
- Times of India: TN an attractive destination for industrial investments: Minister
- The Economic Times: Tamil Nadu bags IGSS ventures’ Rs 25,000 cr semiconductor park
- Financial Express: IGSS Ventures to invest over Rs 25,000-crore in Tamil Nadu chip project