Indian Prime Minister Narendra Modi announces the construction of three semiconductor factories for $15 billion

Narendra Modi announced the construction of three chip manufacturing plants for a total of $15 billion, including the first in India

Indian Prime Minister Narendra Modi / Trump White House Archived, Public domain

On Wednesday, March 13, the head of the Indian government, Narendra Modi, announced the launch of a project to build three enterprises focused on the production of semiconductors.

The total cost of the initiative is estimated at 1.25 trillion rupees, which is approximately equivalent to 15 billion dollars.

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According to information from Hindustan Times, the first of the planned objects will be a factory by Tata Electronics Private Limited in Gujarat, marked as the first in the country to produce semiconductors.

Additionally, the construction of a semiconductor assembly and testing plant in the state of Assam is planned, to be realized by another company from the same group.

CG Power and Industrial Solutions Limited will also contribute to the industry's development by organizing the production and testing of chips at its facility in Gujarat.

It was previously reported that direct investment funds set a record, holding assets totaling $3 trillion, spread across 28 thousand companies. According to Bain, sales of these assets fell by 44%, dropping to the lowest level in the last decade.

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