Karnataka govt inks MoU with Israel-based firm to set up … – The Indian Express

Karnataka government has signed an MoU with Israel-based ISMC Analog Fab Private Limited for setting up a semiconductor fab plant in the state at a cost of Rs 22,900 crore ($3 billion).
Additional chief secretary in the department of IT, BT Dr EV Ramana Reddy and ISMC director Ajay Jalan signed the MoU in the presence of Chief Minister Basavaraj Bommai.
“Karnataka is already a pioneer in the IT, BT and R&D sectors. The MoU with ISMC would make Karnataka the place to look forward to in semiconductor technology,” Bommai said in his address after the agreement was signed.
“Karnataka has signed this major MoU when many other states are competing to draw investments in the semiconductor fab sector. Karnataka government understands that it is not just the concessions or incentives, it is the conducive ecosystem that is needed to draw the investors. The state has the best infrastructure and skilled human resources,” Bommai said.
The chief minister further said, “The Union government under the able leadership of Prime Minister Narendra Modi has launched the Semiconductor Mission and it has spurred Karnataka to lead the march in this sector.”
The project will be implemented over a period of seven years and generate 1,500 jobs, sources in the government said.
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