Israel’s Tower Semiconductor has submitted a proposal to the Indian government to set up an $8 billion chipset manufacturing facility, Indian Express reported on Sunday.
Tower Semiconductor is seeking government incentives to support its manufacturing project, aiming to focus on producing 65 nanometre and 40 nanometre chips within India.
Chip manufacturing holds significant importance in Indian Prime Minister Narendra Modi’s economic agenda. However, earlier attempts to offer $10 billion in incentives to the industry have faced setbacks, with some proposals experiencing delays or cancellations.
Tower Semiconductor earlier disclosed revenue of $358 million for the third quarter of 2023 against $427 million for the third quarter of 2022. Tower Semiconductor estimates that its revenue will be $350 million for the fourth quarter of 2023.