IBM, Tower To Build Semiconductor Plant in India

YERUSHALAYIM (Hamodia Staff) -

IBM will lead a consortium that includes Israel’s Tower Semiconductor and the Indian company Jaiprakash in a multi-billion construction project in India, Globes reported on Sunday.

The Indian government approved on Friday their bid to build a semiconductor plant.

The investment by the IBM consortium is estimated at $4.1 billion. Tower will be contributing its special expertise and will advise on the construction of the plant in Uttar Pradesh.

According to the decision by the Indian government, letters of intent will be sent to the winners by the end of March this year, with the signing of binding agreements taking until August. The government also decided to set up a committee that will have all the authority required to execute the project.

The consortium will benefit from tax breaks and other incentives offered by the Indian government.