Karnataka on Sunday signed a Memorandum of Understanding (MoU) with Israel–based ISMC Analog Fab Pvt. Ltd. for setting up semiconductor fab plant at a cost of ₹22,900 crore ($3 billion) in the State over the next seven years.
One among the biggest proposals in the recent times, the $3 billion investment will have the potential to generate direct employment to 1,500 persons.
The MoU was signed by Additional Chief Secretary, IT/ BT, E.V. Ramana Reddy for Karnataka and Director of ISMC Ajay Jalan in the presence of Chief Minister Basavaraj Bommai. As per the MoU, Karnataka would facilitate ISMC Analog to obtain necessary permissions, registrations, approvals, clearance and incentives among others from departments concerned as per the prevailing rules and policies.
