India approves three chipmaking units worth $15.2 bln (updated)

Renesas Electronics

29/02/2024 10:28

(Adds details, background)
       NEW DELHI, Feb 29 (Reuters) - 
    India on Thursday approved setting up three chipmaking units
worth 1.26 trillion rupees ($15.2 billion) from firms including
India's Tata Group and Japan's Renesas, taking the country a
step closer to its goal of becoming an electronics powerhouse. 
  
    The units will begin construction within the next 100 days,
electronics minister Ashwini Vaishnaw said, adding that they
will make chips for sectors including defence, automobiles and
telecommunication. 
        The move reinforces Prime Minister Narendra Modi's
ambition to make India a chipmaker for the world as his
government tries to get past 
    initial setbacks
     faced in its bid to offer $10 billion in incentives to the
industry.
  
        Tata will partner with Taiwan's Powerchip for its 910
billion rupees chipmaking plant in Gujarat state's Dholera, the
minister said, while India's CG Power will partner with Japan's
Renesas Electronics Corp and Thailand Stars Microelectronics for
a 76 billion rupees plant, also in Gujarat. 
  
        A Tata unit, Tata Semiconductor Assembly and Test Pvt
Ltd, will set up a 270 billion rupees plant in the eastern state
of Assam, Vaishnaw added.    
  
    
    ($1 = 82.9061 Indian rupees)

 (Reporting by Shivam Patel in New Delhi; Editing by YP Rajesh)
 ((Shivam.Patel@thomsonreuters.com;))