The Indian media reports that the cabinet has approved two semiconductor fabs.
India's "Livemint" reports that, on Wednesday, the cabinet approved the establishment of two semiconductor fabs by two consortia.
One consortium, led by JP Associates includes IBM Microelectronics Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM). Its fab will cost $4.1 billion. The other, led by Hindustan Semiconductor Manufacturing Corporation, includes ST Microelectronics NV (NYSE: STM), and Malaysia's Silterra.
Tower said in response, "We are waiting to receive official notification regarding the final approval and its conditions. When we receive the official notification, we will report it as required."
Published by Globes [online], Israel business news - www.globes-online.com - on February 13, 2014
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