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India approves two semiconductor wafer plants worth USD 10 bn.

| NEW DELHI, Feb 14 (KUNA) -- In a bid to stop soaring imports of electronic products, the Indian government on Friday approved the setting-up of two Semiconductor Wafer Fabrication (FAB) manufacturing plants, worth USD 10 billion.

The government said FAB units would be set in the country by two business consortia including IBM Corp, Israel's TowerJazz and STMicroelectronics NV.

The proposed FAB will create direct employment for about 22,000 people and indirect employment of about one lakh others, government stated.

"These FABs will have a big impact on the development of Electronics System Design and Manufacturing eco-system across the country," the government said.

"This will help set up a critical pillar required to promote Electronics System Design and Manufacturing in India," it added.

The FAB set-up will stimulate the flow of capital and technology, create employment opportunities, help higher value addition in the electronic products manufactured in India, reduce dependence on imports, and lead to innovation, the government stated.

FAB is a factory where devices such as electronic integrated circuits are manufactured. The move to establish FAB has come at a time when India is looking to reduce the imports.

By 2020, demand of electronic products in India is expected to reach USD 400 billion. (end) wk.ibi KUNA 141718 Feb 14NNNN

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Publication:Kuwait News Agency (KUNA)
Geographic Code:9INDI
Date:Feb 14, 2014
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