Israel and Adani to invest $10 billion in India semiconductor project
India’s semiconductor market is expected to be valued at $63 billion by 2026.
Israel’s Tower Semiconductor and India’s Adani Group will invest $10 billion (839.47 billion rupees) in a semiconductor project in Maharashtra, India. That investment aligns with India’s efforts to boost its semiconductor manufacturing capabilities, despite previous setbacks such as Foxconn’s withdrawal from a major joint venture and delays in another semiconductor project.
The new plant in Maharashtra will initially produce 40,000 wafers and is part of a broader initiative by Indian Prime Minister Narendra Modi to establish the country as a global chipmaker. The state of Maharashtra also announced additional investments totalling 1.17 trillion rupees, which will create 29,000 jobs. This includes new electric vehicle manufacturing units, with Skoda-Volkswagen and Toyota-Kirloskar investing significant amounts to produce electric and hybrid vehicles.
Why does this matter?
The semiconductor and electric vehicle manufacturing expansion reflects India’s growing role in these sectors, aiming to capitalize on its rapidly developing technology landscape.
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