IGSS Ventures, the Singapore-based technology investment holding company that enables development and commercialising of hybrid semiconductor technologies, on Friday signed a memorandum of understanding (MoU) with Tamil Nadu government to set up a semiconductor high-tech park in the state. The company will be investing Rs 25,600 crore in the project in the next five years, generating direct employment for 1,500 people.
The MoU with IGSS Ventures comes close on the heals of Tamil Nadu government’s efforts to bring in Foxconn into semiconductor manufacturing space. Officials from Guidance, the nodal agency for attracting foreign investments into the state, recently held meeting with Young Liu, chairman, Foxconn in Delhi to discuss the company’s expansion plans in electronic segment in Tamil Nadu and its entry into emerging sectors such as EV and semiconductors.
According to the MoU, IGSS Ventures will also provide indirect employment to 25,000 persons through various projects such as circuit designers, vendors selling manufactured products, vendors selling secondary products and outsourcing and testing semiconductors, which will be present inside the proposed park.
The group is planning to set up the hi-tech park and a semiconductor fab unit in a land spread across 300 acres. The unit is expected to come up at Vallam Vadagal in neighbouring Sriperumbudur district.
IGSS Ventures is a group of companies involved in semiconductors and its sister concerns Innovative Global Solutions and Services, IGSS GaN, Compundtech are involved in semiconductor research and in establishing semiconductor fabs.
The Tamil Nadu government, had in 2020, released an electronics hardware manufacturing policy aimed at increasing the state’s electronics industry output to $100 billion by 2025. The policy objective was also to enable the state to contribute 25% of India’s total electronic exports to the world by 2025. It was also targeted at attracting at least two major fab investments to Tamil Nadu in the next three years.