Adani Group partners Israel's Tower Semiconductor to build $10 billion chip plant in India: All details

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Gautam Adani's Adani Group is partnering with Israel's Tower Semiconductor to establish a semiconductor fabrication plant in India. The project will enhance India's chipmaking capacity, creating 5000 jobs and producing up to 80,000 wafers.

timesofindia.indiatimes.com, Sept. 06, 2024 – 

India's richest man Gautam Adani is joining the global semiconductor race. According to a report in Bloomberg, the Adani Group plans to build a semiconductor fabrication plant with Israeli company Tower Semiconductor. The move aims to bolster India's chipmaking capabilities as semiconductors become a key geopolitical battleground globally. The deal also gives the Israeli chipmaker a foothold in one of the world's key emerging markets.

In the past few years, semiconductors have grown into a crucial resource amid an escalating tech rivalry between the US and China. This has made several nations review their dependency on imports and investing heavily in developing domestic capabilities.

Maharashtra deputy chief minister Devendra Fadnavis announced the same in a post on X, formerly Twitter. The unit is expected to have a production capacity of 40,000 wafers in the first phase, and 80,000 wafers in the second, Fadnavis said in the post. He further added that the plant will create 5000 jobs. He, however, did not share any timeline for the project, but the report quoting sources said that the plant will be built over three to five years.

According to the report, the project is housed under the group's flagship and incubator Adani Enterprises Ltd. Adani Group will largely fund the investment through its internal accruals and some debt. The chips manufactured at the upcoming facility will reportedly be used in drones, cars, smartphones and other mobility solutions.

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