Financial Daily from THE HINDU group of publications
Tuesday, Dec 07, 2004
Financial Daily from THE HINDU group of publications Tuesday, Dec 07, 2004 |
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Info-Tech
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Hardware Semiconductor manufacturing facility — AP inks pact with Korean firm Our Bureau
Mr P. June Min (right) of Intellect Inc, South Korea, signing an MoU for setting up a semiconductor facility in Andhra Pradesh, in the presence of the Chief Minister, Dr Y.S. Rajasekhara Reddy, in Hyderabad on Monday. Signing on behalf of the Andhra Pradesh Government is Mr J.C. Mohanty, Secretary, Information Technology. - P.V. Sivakumar
Hyderabad , Dec. 6 INDIA Semiconductor Manufacturing Company (ISMC), a consortium of Intellect Inc, and the Government of Andhra Pradesh signed a memorandum of understanding (MoU) on Monday. The MoU is another step towards beginning work early next year on the country's first private mega semiconductor manufacturing facility (fab facility). The Chief Promoter of Intellect Inc (a South Korean company), Mr P. June Min, and the Principal Secretary of Information Technology, Dr J.C. Mohanty, signed the MoU. Announcing this at a press conference here along with the Chief Minister, Dr Y. S. Rajashekhar Reddy, and senior officials, Dr Min said that the fab would have revenues of about $6 billion and contribute about $2 billion to the State's gross domestic product. It can provide employment for about 10,000 people. "The phase one of ISMC will see an investment of $600 million (Rs 2,700 crore), wherein it is proposed to build a semiconductor fab with a capacity of 30,000 wafers per month. The phase II, with investment of about $2.6 billion, would be taken up after 2006," Dr Min said. The semiconductor company, with $160 million in equity, will establish technology partners and captive customers by allocating 60 per cent of the fab capacity. The remaining 40 per cent capacity will be offered for shared fab capacity. Dr Reddy said that the Government would provide all necessary support, including industrial water and high quality power, for the fab. The facility is to be located near the hardware park and the proposed international airport. The State Government will extend an investment subsidy with an upper cap of Rs 35 crore per annum for 10 years. The State Principal Secretary of Information Technology and Communications, Dr J. C. Mohanty, said that the project is expected to generate large benefits to the economy, as it is a a mother industry in basic electronic chip manufacturing.
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