Skip to main content
Best News Website or Mobile Service
WAN-IFRA Digital Media Awards Worldwide 2022
Best News Website or Mobile Service
Digital Media Awards Worldwide 2022
Hamburger Menu

Advertisement

Advertisement

Business

India to reopen process for $10 billion in chip incentives -Bloomberg News

India to reopen process for $10 billion in chip incentives -Bloomberg News

Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo

India plans to reopen the application process for $10 billion in incentives and assistance to encourage chip manufacturing, as previously announced projects are taking too long, Bloomberg News said on Wednesday, citing people familiar with the matter.

India is keeping the process open-ended, doing away with a previous 45-day requirement to submit applications, the report said.

The South Asian country now plans to allow companies to apply again and is set to accept applications until its budgeted $10 billion in incentives is exhausted, the report said.

The previously announced short window for applications led to just a few applicants for the scheme, including a partnership between Vedanta Resources Ltd and Taiwan's Foxconn , and a consortium that includes Tower Semiconductor Ltd, Bloomberg said.

Last September, Vedanta and Foxconn, formally called Hon Hai Precision Industry Co, signed a pact with the western Indian state of Gujarat to invest $19.5 billion to set up semiconductor and display production plants.

India announced the incentives to help make the country a key player in the global chip supply chain.

Source: Reuters

Advertisement

Also worth reading

Advertisement