India Proposes To Reopen Application Process For $10 Billion In Chip Incentives
Separator

India Proposes To Reopen Application Process For $10 Billion In Chip Incentives

Separator

As previously announced projects are taking too long to complete, India aims to reopen the application process for $10 billion in incentives and assistance to promote chip manufacture, according to sources.

India is keeping the application procedure open-ended and has done away with the traditional 45-day deadline based on the report.

The article stated that the South Asian nation now intends to permit businesses to reapply and is prepared to accept applications until its allocated $10 billion in incentives is depleted.

Few people applied for the programme as a result of the previously mentioned short window for applications, including a partnership between Vedanta Resources Ltd. and Taiwan's Foxconn and a consortium that also included Tower Semiconductor Ltd.

Vedanta and Foxconn, then known as Hon Hai Precision Industry Co., agreed to invest $19.5 billion to build semiconductor and display manufacturing facilities in Gujarat, a state in western India, last September.

India unveiled the incentives in an effort to establish itself as a major role in the world's semiconductor supply chain.