Indian ports-to-power conglomerate Adani Group has partnered with Israel’s Tower Semiconductor to take a position $10 billion to arrange a chip manufacturing unit at Taloja, close to Mumbai.

The announcement was made by Devendra Fadnavis, deputy chief minister of the state of Maharashtra, in a put up on X. Round $7 billion could be invested in section one of many undertaking and the remainder within the second section.

The undertaking is meant to have a month-to-month manufacturing capability of 40,000 wafers within the first section and 80,000 wafers within the second section. It can generate over 5,000 jobs. Nevertheless, the deputy chief minister did not share a timeline of the undertaking.

Curiously, India’s largest enterprise, Reliance Industries, was within the information a while in the past for being in talks to amass Tower Semiconductors. Final 12 months, Intel was additionally in discussions to amass Tower Semiconductors earlier than mutually terminating the acquisition. 

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