The Indian government has in principle approved the construction of two new semiconductor fabs, one of them with the involvement of Israeli company Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) (which trades as Tower Jazz), the "EE Times of India" reports.
The Indian newspaper quotes the country's Minister for Communication and Information Technology Kapil Sibal as saying on Friday, "Two consortia have proposed to build semiconductor wafer fabrication units in India. One of the consortia comprises International Business Machines, India's Jaiprakash Associates and Israel's Tower Jazz. The second comprises Hindustan Semiconductor Manufacturing Company (HSMC), STMicroelectronics and Silterra."
Tower will act as a consultant on construction of the fab, which will mean revenue of tens of millions of dollars annually for the three-year construction period.
"The Wall Street Journal" reports however that the Indian government will seek proposals from more chipmakers before making a final decision.
India currently consumes semiconductor products to the tune of $7 billion annually.
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